Exclusive Oil Price Analysis
Another day, another gap. Have the bears completely capitulated yet?
The gap, the pattern and the retracement. What does this combination tell us about the next move?
Pro-bearish gap vs. bullish appetite for higher levels. Who will emerge victorious from this battle?
Strong upswings, strong formations, and strong lines. Will the bulls be strong enough to continue their fight?
Defense of the support zone, proximity to the upper line of the channel, and candle formation. How did this affect the bulls?
Fresh multi-month low, rising wedge, and divergences… What does this mix of technical factors tell us about the future of XOI?
Oil Price Analysis
Some factors are driving black gold prices up, pushed by signs of increased demand from the United States and supply disruption risk from Iraqi Kurdistan (representing a shortfall of 450,000 barrels of crude oil per day), but also by the possible decline in Russian supply.
After its worst week and having touched levels unexplored since 2021 on Monday, black gold rose more than 2% on Tuesday.
The main factor fueling crude oil prices’ rise is probably Russian production worries, as a more significant drop in production than announced for March is feared.
Crude oil prices continued to rise after reports from the financial press suggested a larger-than-expected drop in Russian production.