Elliot Wave Crude Oil Analysis

Elliot Wave Crude Oil Analysis

Although the increase in crude oil prices slowed down Elliot Wave Crude Oil Analysislast week and entered a shock pattern, oil prices are still approaching the 72 first-line pressure level, and it seems that they want to break the high point further. After the market opened on Monday, the market once again maintained an upward trend. It may mean that oil prices may reach new highs in the future. Will crude oil prices continue to rise like this in the future?

Al-Husseini believes that US oil production may be about to reach its peak, but the US oil industry should be able to solve the output bottleneck problem before next year. In addition, the corporate executive emphasized that Canada and Brazil should also increase production.

According to the agreement, Iran accepted restrictions on its nuclear program and opened facilities to international inspectors in exchange for the international community to lift sanctions on its economy. In addition, the new Secretary of State Pompeo met with Netanyahu last weekend. The Trump administration has stated that if an agreement cannot be reached with its European partners, the United States will withdraw from the Iran nuclear agreement next month.

Technical: Judging from the 4-hour chart of crude oil prices, the long-term oil price channel is intact, and the market outlook can continue to rise, but the oil price is consolidating near US$72, which may indicate that a new round of market washing will begin. The MACD indicator is above the zero axis, the fast and slow lines are converging or there is a golden cross upward trend, the green kinetic energy column is shrinking, and the KDJ indicator crosses and diverges upwards. These signs all indicate that the oil price outlook is too risky.

According to Mazrui, OPEC is willing to listen to the voices of the world's major oil-producing countries, including the United States. The next OPEC meeting is scheduled to be held in February this year. Mazrui believes that there is no need to hold a special meeting before then to discuss oil policy. Mazrui also said that OPEC is listening to the views of the United States and India.

In 207, Nigeria’s crude oil production continued to grow steadily. Its crude oil production in AuguElliot Wave Crude Oil Analysisst and September last year was 804,000 barrels and 850,000 barrels respectively, exceeding 800,000 barrels per day for two consecutive months. However, a series of interruptions in crude oil production have reduced Nigeria's crude oil output by approximately 500,000 barrels per day.

In July, Bloomberg and many other media reported that the Trump administration is actively considering the use of the US strategic oil reserve to cool oil prices. Data from the US Department of Energy at the end of August showed that six companies, including Exxon Mobil, purchased 0 million barrels of crude oil from the US Strategic Petroleum Reserve. This strategic reserve sale is based on the previous law allowing the US government to do so in order to increase revenue for the federal government.