US OIL
OUTLOOK
Oil prices fell from their highest level in nearly 10 months on Monday, and saw some sort of profit-making after a remarkable rally over the past month, although bets on tightening supplies still pushed Brent crude above key levels.
Oil prices also rose strongly last week after Saudi Arabia and Russia announced deeper-than-expected supply cuts for the remainder of the year, prompting bets that market tightness will help offset any potential headwinds that could impact demand from higher interest rates.
The focus this week is on the monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) on their own outlooks for oil markets.
Technical abstract:
The price of oil continued to rise, reaching the verge of the recently recorded peak at 88.04, after reaching the price several times and rebounding from it.
Therefore , we expect to the bullish trend will be in control during the coming session but to confirm the bullish tendency should stable above 88.04 level and then it will stop the negative scenario and lead the price to restore the main upward trend again to targeting 89.50 and 91.67
Pay attention , consolidation below 88.04 level will help the price to formed a correction to 85.93
support line : 85.93 , 84.81
resistance line : 88.04 , 89.50
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Oil prices fell from their highest level in nearly 10 months on Monday, and saw some sort of profit-making after a remarkable rally over the past month, although bets on tightening supplies still pushed Brent crude above key levels.
Oil prices also rose strongly last week after Saudi Arabia and Russia announced deeper-than-expected supply cuts for the remainder of the year, prompting bets that market tightness will help offset any potential headwinds that could impact demand from higher interest rates.
The focus this week is on the monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) on their own outlooks for oil markets.
Technical abstract:
The price of oil continued to rise, reaching the verge of the recently recorded peak at 88.04, after reaching the price several times and rebounding from it.
Therefore , we expect to the bullish trend will be in control during the coming session but to confirm the bullish tendency should stable above 88.04 level and then it will stop the negative scenario and lead the price to restore the main upward trend again to targeting 89.50 and 91.67
Pay attention , consolidation below 88.04 level will help the price to formed a correction to 85.93
support line : 85.93 , 84.81
resistance line : 88.04 , 89.50
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
