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Brent: downside risks prevail

Crude oil prices are making shallow recovery attempts on Wednesday, after yesterday’s decline to lows marginally above the $72 figure. The bulls refrain from more aggressive actions as market concerns over geopolitics keep increasing, fuelling fears of a decline in global oil demand. The Trump’s trade wars threaten to derail global growth and shatter global ...

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Brent: bullish potential limited

Crude oil prices have been rising over the past few sessions with Brent has settled above the $74.50 area. However, the market lacks further upside momentum and the risks of resuming the decline remain. The key immediate obstacle for bulls now comes at $75, with the next upside barrier lies around $75.20, where the 50-DMA lies. The prices were recently ...

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Brent needs a catalyst

Crude oil prices are trading with a modest bullish bias on Monday, with Brent has settled above the $73 handle, unable to attract a more sustainable buying interest to challenge the 20-DMA marginally below the $74 barrier. The downside pressure on Brent has eased somehow recently. According to POEC sources, Saudi Arabia has cut its crude oil output in July by ...

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Brent may derail the $73 threshold

Crude oil prices continue to lose ground on Wednesday following yesterday’s aggressive correction. Brent crude slipped from highs in the $75.60 area, down to nearly two-week lows just above the $73 handle, which so far constrains the selling pressure. After a seven-day rally, the retreat looked inevitable as investors rushed to take profit amid signs of a ...

jasperlawler jasperlawler UKOIL, 240, Short ,
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UKOIL, 240 Short
Brent crude oil: bearish engulfing candle at MA resistance

A bearish engulfing daily candlestick has confirmed the 20/50 DMA resistance zone Scenario A) Wait for rebound up towards 74.50 and move off oversold conditions on 4hr chart Scenario B) Follow 4hr trend lower as price breaks below 73

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One last rebound from 72.50 in Brent Crude Oil

Brent crude had a dramatic 6% daily drop on Wednesday- The break of a long term up-trendline is a likely precursor to more weakness. Scenario A) Price rebounds from 72.50 support back towards 76 resistance. Bearish action resumes from 76 or price continues higher into range Scenario B) Price continues to fall below broken trend line with immediate break of ...

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Brent licks wounds after rout

Crude oil price suffered a steep decline yesterday, extending losses to the $73 level, -7.5% on the day. On Thursday, Brent makes recovery attempts, with the initial resistance now comes at $75. Despite the sell-off has stopped, prices still look vulnerable as the recovery momentum is too weak so far. Libya has resumed production earlier than expected, while ...

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UKOIL breakout - USA Oil inventories in the spotlight

Hello traders, In spite of the OPEC Oil production boost estimated in 1 Mn daily barrels, UKOIL has been soaring aproaching 3,5 years highs close to USD 80; since the production supply increase was expected over 1 Mn and the real supply boost might finally be around 600k daily barrels. Now the price is retreating from USD 79-80 level, after being unable to ...

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Trump pushes oil price lower

Brent crude made another failed attempt the challenge the $78 immediate resistance which attracts profit-taking this week. Crude oil markets look rather stable in a wider picture, while short-term charts highlight the nervous behavior of traders lately. One of the reasons behind the mixed dynamics in prices and the lack of bullish impetus are Trump’s tweets ...

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Brent crude targets $80 again

Following yesterday’s correction, Brent crude has resumed the ascent and targets the recent highs once again as the price received a local psychological support in the $77 area on Monday. The immediate upside target comes at $78, and a break above will open the way to $80. The reason behind the rebound were the reports that Libya’s National Oil Corporation ...

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Brent: supply concerns drive prices higher

Brent crude has been testing the $78 level once again as the lingering global supply concerns continue to fuel oil demand this week. The price targets the $80 threshold, trending north for a sixth day in a row. However, the risk of profit-taking is rather high at this stage as the positive drivers have been largely priced in already. Market participants ...

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OIL - Simple trade

OIL - Simple trade , based on S/R

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Friday close was bearish...

Although Canadian numbers came in VERY weak, oil prevented USDCAD from flying up to the moon and kept it contained. OPEC has agreed to a smaller than expected production boost, estimated 1m combined per day output increase. Technicals are pointing towards a minor correction, whether USDCAD will then continue up remains to be seen. 1.3383 is the latest high wick, ...

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UKOIL, 1D Long
Brent Crude Oil Bounces Off Support

Last post: June 16th. See chart. Review: Price had broken through key support but closed within a zonal area and just above the next pivot support. Update: Price has bounced off support and closed back above the previous support suggesting further strength. Conclusion: Looking for further momentum with the bulls and close above the round number 80 to place ...

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Brent: it’s all about OPEC meeting

Crude oil prices are attempting to stage a corrective rebound on Monday after a dip to fresh two-month lows earlier in the day. Brent has extended the recent decline to $72,10 where it received a support and staged a recovery. However, the bullish momentum remains too timid to open the way to a more pronounced rise from the current levels, with the $74 area is ...

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UKOIL, 1D Long
Brent Crude Oil Breaks Key Support

Last post: June 5th. See chart. Review: Price was being propped up by a pivot support zone and the daily 50sma. Update: Price has broken through support with an aggressive bearish bar on Friday. Conclusion: Price is within a support zone that we want to see hold strong. Any further weakness and we will look to cut out of our long trade. Any comments or ...

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Brent stuck below 20-DMA

Crude oil prices have recovered marginally on Wednesday, with Brent managed to keep above the $74,50 area and finished at $75,73. The immediate resistance comes at $76 – a break above will confirm some easing of a downside pressure. However, in the bigger picture, the bearish risks still persist, and the 20-DMA around $77,50 is unlikely to be challenged any time ...

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Brent: downside risks remain

Crude oil prices set for a weekly gain but look indecisive amid the directional market on Friday. Brent failed to stage a recovery yesterday, with the price has settled around the 20-DMA after a brief spike above $79. Market participants have already digested the latest signals from OPEC. The cartel promised to remain committed to the existing deal, which ...

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