Knowing the trends of prices in different commodities is key, because they are used to produce many final products that we use in our daily lives. Some commodities are leading indicators which measure the economy’s health.
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If you were bullish on the price of crude oil, last week was nothing short of wonderful for you. The commodity opened the weekly trading session at $47.57 and after a small dip to the round number of $47, it climbed to as high as $50.47 a barrel, exceeding the previous major high of $50.40,…
As if Harvey was not enough, the United States now braces for Irma, which in turn is expected to be followed by Jose and Katia. Irma is considered to be the strongest hurricane ever to hit the shores of the U.S.. Its winds are blowing at speeds higher than 185 mp/h (300 km/h), enough to…
It has been a good week for bullish crude oil traders so far, who saw the price of WTI move from $45.63 on Monday to as high as $48.40 as of this writing on Wednesday. According to MarketWatch, the rally has been driven by two main factors – OPEC and, more importantly, “news of cuts…
In our previous article you saw that a bearish reversal in the price trend of crude oil could be predicted, even when OPEC extends its production cuts agreement, which should normally be a bullish factor. It has been roughly 20 days since that post and oil’s plunge shows no signs of stopping. After falling to…
Yesterday was an important day for crude oil traders, who have been waiting for OPEC to extend the production cuts in an effort to stabilize crude oil prices, whose recovery from below $30 a barrel still looks very fragile. OPEC countries did not disappoint and announced they have agreed to follow the output-cut deal at least…
The price of WTI crude oil plunged from $53.74 to as low as $43.73 between April 12th and May 5th. This 10-dollar sell-off surely made the bears feel almighty, but instead of accelerating to the south, oil prices bounced up to close the week at $46.46. Before the market open the next Monday, May 8th,…
Last week, WTI crude oil prices climbed to $53.74 a barrel, maintaining the uptrend from $47.08, which began a month ago. But instead of continuing to the north this week, the market tumbled to $50.06 yesterday, momentarily sparking the debate about the oil glut and ineffective OPEC supply cuts. But oversupply has been around for over two…
It recently became clear that OPEC members have not been following their own output cut agreement very strictly, which could be an explanation of WTI crude oil’s sharp decline to $47.03 by March 22nd. But despite the continuing supply glut, the price of oil today is higher than $50.30 a barrel, following a sharp recovery from…
“The current pullback is likely to take crude oil prices down to $50.50, before the bulls return…” This was the last sentence of the premium crude oil analysis we sent to clients five days ago, before the markets opened on Monday, January 9th. Crude oil closed at $53.68 on Friday, January 6th, after a recovery…
The last three weeks have been very interesting for the oil market. First it was Vienna, where OPEC members agreed to cut production by more than a million barrels a day. In response, the price of crude rose sharply to as high as $52.39 by December 5th. Then the bulls took a rest, which allowed…
Crude oil’s December futures contract just climbed to 47.37 dollars a barrel in what is supposed to be a rally, inspired by hopes that OPEC members are going to agree to cut production in an attempt to lift oil prices. The market is probably the only place, where such an irrational thing as “hope” could have…
Copper has been making the headlines recently after it left the consolidation area it was locked in and jumped to as high as 2.4589 as of today. Usually, when people see that something is rising in price, they rush to buy it. This has never been our way of doing things. In order to put…
The price of crude oil recently climbed to 52.20 dollars a barrel, but has been declining ever since. Currently, the black gold is trading around $49.40 after declining to as low as $48.85 earlier this week. Apparently, anticipating the future is not an easy task. It remains unknown, no matter how accurate your forecasting method…
The price of crude oil initially rose to $44.68 on Monday, but then the bears took over again, which led to a decline to $43.05. But instead of continuing to the south, oil rebounded sharply up and is currently trading above the $46 mark. You might even think that the price is deliberately moving up…
It was a roller-coaster week for crude oil prices. The market moved sharply up on Monday, September 5th, climbing to 46.51 during the European session. Then is suddenly fell back to 43.82. And just when it looked like the downtrend has resumed, the bulls returned to take oil to 47.72 on Thursday, September 8th. These…
