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Oil Analysis 2023: What Will Happen to Oil?The global oil market has recently experienced significant volatility, reflecting a range of key factors including production decisions, geopolitical tensions, and economic fluctuations. As of December 6, 2023, the price of Brent crude oil was at $74.46 per barrel, while WTI traded at $69.44, both experiencing significant price drops. This downward trend is part of a broader panorama that has seen a generalized decrease in oil prices throughout the year. The Organization of Petroleum Exporting Countries (OPEC+) has played a crucial role in this scenario. Recently, the group agreed to voluntary production cuts, about 2.2 million barrels per day for the first quarter of 2024, generating market uncertainty. The possibility of extending or deepening these cuts beyond March 2024 has been an additional concern. However, this decision has not significantly stimulated the market. Geopolitical conflicts, especially in the Middle East, have also had a direct impact on oil prices. The war between Israel and Hamas, along with attacks on commercial vessels in the Red Sea, has increased concerns about the stability of oil supply. These events have shown how geopolitics remains a key factor in the energy market. Additionally, the global economy, particularly that of China and the United States, has influenced oil prices. Moody's downgrade of China's outlook and the decline in oil demand from the world's second-largest consumer have put pressure on prices. In Europe, there are signs of possible interest rate stabilization, which could boost oil demand. However, the drop in U.S. factory orders in October suggests weakness in this country's demand, potentially negatively impacting oil prices. The historical series of oil prices shows a pattern of fluctuations throughout 2023. For instance, the price of WTI showed considerable variation from early November to early December, fluctuating between a high of $93.6977 per barrel and a low of $79.1058, highlighting market instability. In conclusion, the combination of factors such as OPEC+ decisions, geopolitical tensions, and mixed economic indicators has created an environment of uncertainty for oil prices at the end of 2023. As we approach 2024, it is essential for investors and analysts to stay attuned to these developments to better understand future market trends.
TVC:USOIL
by Ivan_Campuzano
Technical Outlook of Crude oil ( WTI )Crude oil prices experienced a decline, reaching the lowest point since November, attributed to a growing surplus in supply. Despite the OPEC+ official announcement, oil prices have maintained relative stability in the aftermath. Participants within OPEC+ are recognizing the missed opportunity and attempting to mitigate the situation through additional comments, such as those made by the Saudi Energy Minister. In terms of technical analysis, the $80.00 mark serves as a crucial resistance level. If crude oil manages to surpass this threshold, the next resistance is anticipated at $84.00 (represented by the purple line), where selling pressure or profit-taking may occur. Conversely, the soft support near $74.00 is currently under pressure, acting as the final defense before potentially entering a range of $70.00 and below. Traders should monitor the $67.00 level, marked by a triple bottom from June, as the next significant support level. Revised Support Levels: $71.50 to $70.80 Revised Resistance Levels: $73.50 to $74.80
BLACKBULL:USOIL.FShort
by tradewith_ritik
US Oil Future Weekly Analysis - 04 to 08 Dec., 2023🛢️ Unlocking Opportunities in US Oil Futures! 📈📉 Hey Traders! 🌐✨ Wondering where to invest next? US Oil Futures present an exciting opportunity that you don't want to miss out on! 🚀 📊 Trade Scenario: Buy Position: Entry Price: $77.42 📈 Targets: $77.8 and $79.94 🎯🎯 Add one lot at $76.76 🔄 Standard Stop Loss: $76.58 🔒 Preferred Stop Loss: $76 🚫 Sell Position: Entry Price: $76.1 📉 Targets: $70.88 and $68.74 🎯🎯 Weekly Range: $2.52 📆 Standard Stop Loss: $78.55 🔒 Preferred Stop Loss: $77.52 🚫 📈 Rationale for Buying: The current market conditions indicate a strong potential for an upward trend in US Oil Futures. The buy entry at $77.42 aligns with this anticipated bullish movement. Our targets at $77.8 and $79.94 represent key resistance levels that, once broken, could lead to substantial gains. To enhance your position, consider adding one more lot at $76.76, strategically positioned to capture potential upswings. 🚨 Risk Mitigation: Setting a Standard Stop Loss at $76.58 and a Preferred Stop Loss at $76 is crucial for risk management. These levels act as safeguards, ensuring that potential losses are controlled if the market takes an unexpected turn. 📉 Selling Strategy: When it's time to sell, consider executing at $76.1, with targets set at $70.88 and $68.74. The weekly range of $2.52 indicates potential volatility, offering opportunities for both intraday and swing traders. 🔄 Adapt and Stay Informed: As the market evolves, stay informed and be ready to adapt your strategy accordingly. Keep an eye on market news, economic indicators, and global events that may impact oil prices. 📊 Disclaimer: Remember, trading involves risks, and past performance is not indicative of future results. This is not financial advice. Make informed decisions based on your risk tolerance, market analysis, and personal financial goals. 🌟 Seize the Opportunity! Happy Trading! 🌟 #USOilFutures #TradingStrategy #FinancialMarkets 💹✨
TVC:USOIL
by NumroTrader
Crudeoil buy on dip till 72$ not break 89 $ upside Target On Our Harmonic pattern indicator based trade setup take trade as explained below :- Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target , When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% .. Please note:- It's working on news based and volitile market very well so exit if SL hit
FX:USOIL
by JaiPrakashShuklaHarmonicTrader
US Oil 1. US Oil has greatest support at 74.99 marked by a white horizontal line. 2. Resistance at 78.05. 3. It will not break the resistance till 4th December 2023 at least. 4. For today this candle is pivotal 12-1-23 6:08 PM 5. This candle 12-4-23 5:03 PM is pivotal. 6. Price swing levels have been provided on the chart itself. Disclaimer: I am not a Registered Analyst with any National/International Regulatory Agency. Please consult your financial advisor before making any decision. I will not be responsible for any of your profits/losses. This is only for educational purposes. Let you grow. May! I follow you.
TVC:USOIL
by rekhi567
US OIL - Update US Oil flew yesterday as per my idea over 74.9 but trade cautiously because it is still trading below 200 SMA in daily chart. It is no doubt trading above 38.2% Level of previous swing but candle of 11-29-23 12:56 PM *UTC +5:30) is going to play a pivotal role. Buy only above high of this candle. Disclaimer: I am not a Registered Analyst with any National/International Regulatory Agency. Please consult your financial advisor before making any decision. I will not be responsible for any of your profits/losses. This is only for educational purposes. Let you grow. May! I follow you.
TVC:USOIL
by rekhi567
US Oil - Update For the sake of simplicity and understanding of each one of us, on the monthly chart of the commodity, I have drawn just two parallel lines in white and green between 75 and 76.88. The stock; though commodity is trading below 200 SMA yet showed its bullishness in the last week and traded from 72 to almost 77 and now trading back above 76. In terms of INR 6400 is a Gann Number and if the stock starts trading above this, nothing to worry at all. It seems gaining its monthly level again and turning bullish again. Commodity is in oversold zone as per William's %R. Today's time candles are 11-24-23 4:25 AM 11-24-23 8:51 AM 11-24-23 1:17 PM 11-24-23 5:43 PM 11-24-23 10:08 PM Out of these, the pivotal candle is 11-24-23 8:51 AM. Buy, above high of this and sell below. Please set your tradingview account to time of UTC+5:30. Disclaimer: I am not a Registered Analyst with any National/International Regulatory Agency. Please consult your financial advisor before making any decision. I will not be responsible for any of your profits/losses. This is only for educational purposes. Let you grow. May! I follow you.
TVC:USOIL
by rekhi567
US Oil - Live Market update Please check that the pivotal candle provided in the after noon i.e. 3.07 p.m. has formed the base for the commodity and now the timing of next two candles for today has been provided on the chart. Mark high and low of these candles and buy only above high. Further, you may note that Price of the Commodity is trading above weekly pivot, which is a sign of bullishness. Disclaimer: I am not a registered Analyst with any of the National or International Agency. It is just for educational purpose. Please consult your financial advisor before making any decision. Let you grow and May! I follow you.
TVC:USOIL
by rekhi567