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Oil prices are still continuing their decline and have formed a new low of 72.02 yesterday, oil prices are still reluctant to rise again, according to analysts from Oilprice, oil prices are falling because there is an increase in US crude oil inventories in this week

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Oil prices continued their decline and fell to a low of 69.27. oil price at time of writing at 69.63. There are various reasons from analysts, including behind the bearish oil trend due to the decline in demand in China and the US desire for oil at a price floor of $40-$50.

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Looking at today's oil price at 70 the price is slightly up from the open of 0.39%. Even though it forms a bull's candle, it still has a small body.

There is a report from Oilprice that China's oil demand Slumps to First Annual Decline Since April.

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oil price tries to rise after dropping low 68.90, the current price now at 71.33.

Important news on Oil market, U.S. Plans 3 Million Barrel Purchase of Crude Oil for SPR and India Could Boost Russian Crude Imports As Prices Fall.

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Oil price today still traded near 70, at time of writing oil price at 71.56, formed doji candle as indecision candle.

In the H1 range price moved amind Bollinger band squeeze, with trading range 72 and 71 level prices.

According to analysts, OPEC* output cuts may have no effect unless there are further cuts.

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Oil prices still continue to decline and form a lower low at 68.44 yesterday. According to analysts oil prices are still under pressure from inflation data which encourages the Fed to maintain high interest rates. On the other hand, Rapidan Group stated that OPEC+ producers need a long-term plan to manage supply to the market. Record-high U.S. oil production is a huge problem for OPEC+

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Yesterday's oil price formed a bull candlestick but still formed the lower high of the previous candlestick. Even though the price rose to level 70 from a low of 69, it has not given any indication of long-term improvement.

On the one hand, OPEC cuts oil production to balance the market, but on the other hand, US oil production sets a record high.

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Oil price starting to rise yesterday forming higher high 72.71.

Analyst Oilprice state Optimism around both economic growth and oil demand was boosted on Wednesday when the Fed signaled it would cut interest rates next year.

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Oil prices today rose to 72.40, oil prices rising because of bullish bet in oil fell, the increase in oil prices is more due to bullish bets on the current fall in oil prices. It possible reached middle band line target

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Oil price yesterday formed indecision candle bulls candle with long shadow on the top and bottom candle. Despite oil prices trying to rise and cross the middle band line, after that the price rebounds and back below the line.

According to analysts, oil prices are unlikely to reach $100 in 2024, and OPEC+ faces barriers amid rising production in the US and another non-OPEC+ member like Brazil, Gyana, and Norway.

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Oil price yesterday rose and formed a bullish candle with a small shadow on the top and bottom candle. Oil price seems to be trying to reach the upper band line as the first resistance is near 77. However, based MA 50 still in a downtrend seen the indicator draws the descending line.

News related to oil from Oilprice, Oil markets are finally focusing on geopolitical risk, with disruptions in the Red Sea. Shipping stocks have been on the rise since the Houthi threat in the Red Sea began to escalate, with the likes of Moller-Maersk, ZIM, and Hapag-Lloyd adding some 15-20% over the past three trading sessions.

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The market today, oil price dropped again after yesterday reached high of 75.99, the price now traded at 73.62,

According to analysts oil prices dropped after EIA reported an estimated 2.9 million barrel increase in oil inventories for the week ending December 15. The price draws hammer indicating reversal candle.

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OPEC and its allies will cut the production oil by 1 million barrels per day starting in January 2024. On the other hand, the US is increasing its production and this is a challenge for OPEC+ which relies on high oil prices.

Conflict of interest seems to influence oil prices, in one side OPEC+ wants oil prices to rise because they rely on oil, but US wants oil prices is low to support economic.

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Yearly Market Wrap With Gary Thomson: INDICES, OIL, TECH STOCKS, CURRENCIES, BANKS INFLATION

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  • 03:39 Commodities - Oil market
  • 05:48 Equities - Tech stocks
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Oil prices still traded in the trading range 72-75 level prices, at present price is 73.43, the prices formed hammer in daily timeframe means the price tries to rise up but get selling pressure.

News oil, Russia is planning to scale back oil exports from its seaports next month by between 100,000 and 200,000 barrels per day compared to December levels.

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Oil price yesterday rose to a high of 76.18, oil price rising amid geopolitical tension on the Red Sea and war between Israel and Hamas, escalation war now spread on the Red Sea as Houthi attack ships affiliated with Israel in action to support Hamas

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Oil prices yesterday dropped roughly 2% as a result of tensions on the Red Sea. which caused ships affiliated with Israel to have to detour further to avoid Houthi attacks. On the other hand, America formed Prosperity Guardian to protect against Houthi attacks. On the other hand, the Houthis said they only attacked ships affiliated with Israel and did not target other ships.

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Oil price still dropped again and form low 71.77. Amid geopilitical tension on Read Sea and Palestine seems influence on oil demand and make oil prices still hard to rising above 80.

The next possible support is near lower band roughly 68 level prices.

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Back to the board in new year 2024, wish in this year all year will be better than the previous year.

Monitor oil market today, Oil price still continue decline now at 71.39. The price tends in bearish market sentiment amids geopilitical tension on Red Sea and war Palestine.

Why oil price still hard to cross 75? seems the war influence on oil demand and China's demand also still not show significan raising.

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Still in the new year 2024, oil price still move flat amid tension geopolitical risk on war Hamas vs Israel and Read Sea turmoil.

Now oil price traded at 71.99 and occur gap today, opening market higher and jumped than previous closing price.

There are new interesting news, Next-Gen Solar Cells: Smaller, Cheaper, More Efficient.

This could replace role of oil to renewable energy reducing carbon

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Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
 

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