Crude Oil Fundamental Analysis

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Crude oil prices slumped on Thursday afternoon (20/10) on Asian session pressured profit-taking after the market rally the previous day as the result of withdrawals in weekly US crude inventories and expectations of OPEC production cuts led. 

 

Crude oil futures price of West Texas Intermediate (WTI) traded at $ 51.38 a barrel, down 22 cents or 0.43 percent. While the price of crude oil futures international benchmark Brent traded at $ 52.53 a barrel, down 14 cents, or 0.27 percent.

 

Traders said that the price reduction was due to profit-taking following a rally the previous day, which saw WTI ended at 15-month high, driven by a decline in US crude inventories of 5.2 million barrels in the week ending October 14 became 468.7 million barrels ,

 

The overall atmosphere in the oil market remains optimistic, with most analysts expect further increases. OPEC plans to meet on November 30 and hope to break the half million to one million barrels per day of oil production decline, and cartel producers expect non-OPEC exporters, especially Russia, will cooperate.

 

It estimated that the price of crude oil at the next trade may decline as profit-taking continued. But if optimism cuts OPEC crude oil production increased, will support the increase on crude oil prices. The price is expected to move within the range between $ 50.90 - $ 50.40, whereas if the price rises will move in the range between $ 51,90- $ 52.40.

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Crude oil prices are still moving weaker in the Asian session on Friday afternoon (21/10), weighed down by a stronger dollar, but supported by signs of the fuel market balance after two years of oversupply. The US dollar rose to its highest level since March against a basket of other major currencies on Thursday, potentially depress demand as fuel becomes more expensive for countries that use other currencies.

 

US crude oil futures price of West Texas Intermediate (WTI) traded at $ 50.51 a barrel, down 9 cents, or 0.18 percent. Meanwhile, crude oil futures prices International benchmark Brent fell 3 cents, or 0.06 percent, at $ 51.35 per barrel. Crude oil prices fell more than 2 percent in the previous session pressured the US dollar surge.

 

Despite the fall, the overall sentiment in the oil market is optimistic because financial investors are still keen to pour more money into the crude oil futures, and there are also signs of tightening oil market physical. Organization of Petroleum Exporting Countries (OPEC) plans to cut production 0.5 to 1 million barrels per day after the meeting on 30 November. OPEC's current output stood at a record 33.6 million barrels per day.

 

Bernstein's Beveridge said that due to OPEC cuts and general market conditions, forecast the price back to $ 60 per barrel in 2017 and $ 70 per barrel in 2018 ?, adding that higher prices would be prevented by increased production outside OPEC.

 

US crude oil production has fallen nearly 12 percent since the peak in 2015, to around 8.5 million barrels per day, but the increase in drilling activity has slightly raised production again in recent weeks, in what some analysts say this is an early indicator that US shale industry has adapted to lower the price and can operate at around $ 50 per barrel.

 

Analyst estimates that the price of crude oil at the next trade may drop by the strengthening US dollar. But if optimism cuts OPEC crude oil production increased, will support the increase in crude oil prices. The price is expected to move within the range $ 50.00 - $ 49.50, whereas if the price rises will move in the range of $ 51,00- $ 51.50.

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Crude oil prices slumped on Tuesday (25/10) in the Asian session due to disagreement within OPEC producers on who should cut how much the planned production cuts to shore up prices. Futures price of West Texas Intermediate (WTI) fell 7 cents, or 0.14 percent, to $ 50.45 per barrel. While the price of International benchmark Brent crude oil traded at $ 51.33 a barrel, down 13 cents, or 0.25 percent of their final closure.

 

Iraqi Oil Minister Ali al-Jabar Luaibi said the second largest producer in the Organization of Petroleum Exporting Countries (OPEC) would like to exempt from the reduction of production because it requires more money to fight militants of the Islamic State.

 

Until there is more clarity about the planned cuts, which OPEC hopes to cooperate with non-members such as Russia, analysts said oil prices are likely to remain range-bound, but stable around current levels. American Petroleum Institute (API) will publish weekly forecast crude stocks on Tuesday, followed by official data the Energy Information Administration (EIA) on Wednesday.

 

Price of crude oil at the next trade may drop with no certainty of a deal freezing OPEC production. But if the production cuts appear optimistic sentiment, will strengthen the price. The price is expected to move within the range between $ 50.00 - $ 49.50, whereas if the price rises will move in the range between $ 51,00- $ 51.50.

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Oil prices fell about one per cent on Wednesday on Asian session, pressured reports surge in US crude inventories, the increase in production in Nigeria and disagreements among manufacturers about the decline in production to address global supply glut.

US crude oil futures prices were at $ 49.42 a barrel, down 54 cents, or 1.08 percent, from Tuesday's close. While the price of Brent crude oil futures fell 43 cents, or 0.85 percent, at $ 50.36 per barrel. Prices reached $ 50.17 earlier in the session, its lowest in three weeks.

Crude oil fell this morning after the American Petroleum Institute (API) reported a rise of 4.8 million barrels compared to the expected rise of 1.7 million.

The US dollar reached a nine-month peak overnight against a basket of currencies, supported by expectations the US rate will rise by the end of the year, making commodities priced in the greenback expensive for holders of other currencies.

Traders said the rift in the Organization of Petroleum Exporting Countries (OPEC) on production cuts are planned later this year also weighed on oil markets.Except for members of non-OPEC producers to join the Russian giant, which leaves the responsibility of potential cuts by Arab producers in the Middle East such as Saudi Arabia, Kuwait and the United Arab Emirates (UAE).

Tonight will be released weekly crude inventory data by the US EIA, which indicated an increase, following the previous week's shocking withdrawal occurs. Crude oil at the next trade may decline with the increase in US weekly crude oil inventories as reported API and EIA. The price is expected to move within the range $ 48.90 - $ 48.40, whereas if the price rises will move in the range of $ 49,90- $ 50.40.

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Crude oil prices rose on Thursday on Asian session, spinning around $ 50 per barrel, due to doubts over the ability of OPEC to adjust production cuts, but strong demand and concerns over the stability of Venezuela offer support price increases. 

 

WTI crude oil futures were at $ 49.33 a barrel, up 15 cents or 0.31 percent from its previous close. Brent crude oil traded at $ 50.15 a barrel, up 17 cents or 0.34 percent from the last close.

 

Traders said there were doubts that the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia will be able to effectively coordinate production restrictions to shore up prices.  Cutting efforts pushed by Saudi Arabia, OPEC's largest producer, and is now supported at least by the Russians, but not members of the cartel's biggest oil producer in the world.

 

The price of crude oil at the next trade will be in sentiment tug of war between optimism or pessimism of OPEC production cuts. But Venezuela and fears of increased demand can be sentiment supporting prices. Price Resistance is expected to move in the range of $ 49.80 - $ 50.30.

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Crude oil fell 0.4 percent to $ 48.50 a barrel in New York. OPEC ended its meeting on Friday without reaching an agreement in the quota for each country, according to the Secretary of the Oil and Gas Brazil, Marcio Felix.

 

Crude oil prices extended losses in trading on Monday (31/10) in the Asian session after non-OPEC producers did not make a specific commitment to join OPEC to restrict oil production to shore up prices, suggesting they would like the group of oil producers to first resolve differences.

 

US $ 50 oil fluctuated amid uncertainty about whether OPEC can implement supply cuts first in the first eight years until the next formal meeting in November.

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US crude oil futures price of West Texas Intermediate (WTI) rose 25 cents, or 0.53 percent, to $ 47.11 per barrel. WTI tumbled nearly 4 percent to $ 46.86 per barrel in the previous session. The price of Brent crude oil futures for January delivery, the new front-month contract, rose 37 cents, or 0.76 percent, at $ 48.90 per barrel. Previous front-month contract fell nearly 3 percent before the end of Monday's trading.

Organization of Petroleum Exporting Countries (OPEC) Monday approved a document outlining the long-term strategy which means a return to the role of managing the market and become more proactive in anticipating market changes. But the gains are limited because the market is burdened by further indications of doubt the success of this OPEC meeting by the increasing production of some OPEC countries.

Oil prices have risen by 13 percent since OPEC announced on September 27, production cuts to support prices after a decline that began in mid 2014. The group said the division of the number of cutting members will be finalized at a meeting later this month.

Price of crude oil at the next trade after the deal is a positive move. However, it should be observed that if the movement of the US dollar continues to strengthen could depress prices. The price is expected to move within the range of $ 46.60 - $ 46.10, whereas if the price rises will move in the range of $ 47,60- $ 48.10.

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The price of crude oil futures rose on Thursday, with attacks against Nigeria's oil pipeline and a weakening u.s. dollar support sentiment in the market, lifting the price of the lowest position five weekends.

 

U.S. crude oil futures price rose 0.44 percent, at $45.54 a barrel. The price of crude oil futures traded Brent rose 28 cents, or 0.60 percent, at $47.14 per barrel.

 

The price of crude oil was supported by concerns about supply disruptions after militants in the Niger Delta's oil Center, South Nigeria attacked a pipeline operated by the Nigerian National Petroleum Corporation, Wednesday.

 

The dollar slipped to third session as positioning for next week's us presidential election overshadowed the latest reviews of the Federal Reserve, where policymakers hinted they were on track to raise the tribe next month.

 

Both the benchmark oil, Wednesday, reaching the lowest level since the end of September after data showed U.S. crude oil inventories surged more than 14 million barrels last week, the biggest weekly increase since the U.S. Energy Information Administration's weekly inventory records began in 1982.

 

Analystestimated crude oil price on the next trade is moving positively with the weakening of U.S. dollar after the Fed maintains interest rates unchanged. The price is estimated to be moving in the range of resistance between $46.00-$ 46.50, whereas if prices fall will move in a range of support between $45.00-$ 44.50

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Oil prices edged higher on Asia session, to stabilize after five days of consecutive falls, despite a surge in US crude inventories and doubts over OPEC producer's ability to coordinate the production decline continues to hit the market. West Texas Intermediate (WTI) rose 0.25 percent, to $ 44.77. While Brent crude futures rose 13 cents, or 0.28 percent, at $ 46.48 per barrel.

The rise in oil prices came with their bargain hunting traders who exploit crude oil prices are getting cheaper. Crude oil prices have dropped more than 13 percent since their recent peak in mid-October.Despite a slight increase, traders said sentiment is generally bearish given the drop in prices over the last five days, the longest slowdown since June.

Analysts said the market was also weighed down by traders who withdraw money from futures ahead of the US presidential election, which is seen as a market risk. While oil remains near record production and high inventories, the British bank Barclays said growth in demand was weak.

In the United States, crude inventories jumped more than 14 million barrels last week, the biggest gain on record, highlighting that the global oversupply of the fuel which is still far from complete.

Crude oil at the next trade moved positively by bargain hunting. However if that realized tonight then dollar strengthened to put pressure on oil prices. The price's resistance is expected to move between $ 45.30 - $ 45.80, whereas if the price drops will move between $ 44,30- $ 43.80.

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Crude oil prices rose on Monday afternoon (07/11) on Asian session, encouraged bargain hunting efforts utilizing a sharp decline in the previous week which brings the price to its lowest level since early August because of weak fundamentals ongoing.

 

West Texas Intermediate (WTI) rose 64 cents, or 1.45 percent, at $ 44.71 per barrel. WTI reached $ 43.57 on Friday, its lowest since 20th September. Meanwhile, Brent traded at $ 46.16 a barrel, up 58 cents, or 1.27 percent, from the previous close. On Friday, the global benchmark had fallen as low as $ 45.08, the weakest since Aug. 11.

 

Overall market fundamentals remain weak. Analysts said the decline in production is planned to be decided at a meeting on 30 November by the countries of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia.

 

There is also a risk that the oversupply of oil, which has dogged the market for the past two years, could continue to rise with the de-facto OPEC leader Saudi Arabia has threatened to increase production again if the upcoming meeting between producers led to no results.

 

In the United States there are also increasing signs of future production as the number of its drilling for new oil refinery to produce gains in 9 so that a total of 450 a week for 4 November, the highest level since February.

 

Analyst estimates that the price of crude oil at the next trade moved up by bargain hunting exploit crude oil prices tumbled. Price Resistance is expected to move in the range of $ 45.20 - $ 45.70, whereas if the price drops will move in the range of $ 44,20- $ 43.70 Support.

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Oil prices turned tumbled in trading Wednesday (09/11), since the initial calculation shows Republican candidate Donald Trump narrowly won in several important states in the US presidential election.

 

US crude oil futures price of West Texas Intermediate (WTI) fell -1.46 dollars or -3.25 percent, to $ 43.52 per barrel. Meanwhile, Brent crude oil prices or the dollar fell -1.23 -2.67 percent to $ 44.81 per barrel. Elsewhere, a report by the American Petroleum Institute (API) showed crude inventories rose 4.4 million barrels, also weighed on the market.

 

In Asia, oil analyst physical digesting mixed data from China on Tuesday, which showed a decline in crude oil imports and rising exports of processed products. "Imports of crude oil net fell to only 6.8 million barrels per day (bpd) in October, down from 8.1 million barrels per day the previous month.

 

Although this is a drop in a very large, with a level of lowest import monthly since January 2016, it was still up 8 percent year-over-year, "said Barclays.

 

Analyst estimates that crude oil prices will continue to examine the results of the US Presidential elections which if won Trump will continue to fall and vice versa. Prices are expected to move in the range support $ 40.00 - $ 37.00.

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Crude oil prices turned back from early losses to rise higher on Thursday (10/11) as the market recovered from the shock over the surprise victory of US President-elect Donald Trump, although traders said that the fundamentals of crude oil is still weak.

West Texas Intermediate (WTI) rose 15 cents, or 0.3 percent, at $ 45.42 per barrel. WTI back down by a rise of 2.4 million barrels in US crude oil inventories to 485 million barrels last week, despite rising refinery production and imports fell, according to the Energy Information Administration (EIA) said on Wednesday.

Crude oil futures prices International Brent crude futures traded at $ 46.70 a barrel, up 34 cents, or 0.7 percent.

BMI Research said it expected oil and gas industry policy and pro Trump may mean that the US oil and gas production could be recovered at a faster rate in 2017 after growing more encouraged developers.

Goldman Sachs said Trump is likely to generate higher investment and, in time, increase US oil production as the new president-elect said he would arrange another fossil fuel production.

The bank said Trump threats against the new US sanctions against OPEC member Iran in the short term, will lead to a higher production because "Iran will be more incentive to maximize production in the short term rather than comply with OPEC freezing. "

This confirms the doubts over the ability of merchants Organization of Petroleum Exporting Countries (OPEC) and other producers, notably Russia, to coordinate the planned production cut to prop up prices. Shell said that it has also closed a Escravos crude oil flow station in Nigeria's Niger Delta after villagers protested demanding relief.

Analyst estimates that crude oil prices could potentially weak if the US dollar continues to strengthen would depress prices. The price is expected to move within the range Support in between $ 43.90 - $ 43.40, whereas if the ride will move in the range of resistance between $ 45,90- $ 46.40.

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Crude oil prices fell in trading Friday (11/11), as the market refocused on excess fuel supply will not abate unless OPEC and other producers to make significant production cuts.

West Texas Intermediate (WTI) traded at $ 44.56 a barrel, down 10 cents, or 0.22 per cent, with a stronger US dollar also weighed on prices. International benchmark price of Brent crude fell 7 cents, or 0.15 percent, at $ 45.77 per barrel.

Traders said that the oversupply of sustainable production for more than two years was weighing on the market. "Crude oil prices fell because the focus back to growth in supply. IEA suggest prices can not retreat in the middle unless OPEC supply growth makes a significant supply cuts, "said ANZ Bank on Friday.

Oversupply could continue into the third year in 2017 without a production cut from the Organization of Petroleum Exporting Countries (OPEC), while increasing the production of other exporters could cause endless supply growth, the International Energy Agency said on Thursday.

In its monthly oil market report, the group said global supplies rose 800,000 barrels per day (bpd) in October to 97.8 million barrels per day, led by a record OPEC production and rising production from non-OPEC members such as Russia, Brazil, Canada and Kazakhstan.

IEA projected demand growth for 2016 at 1.2 million barrels per day and estimated consumption increased at the same pace next year, gradually slowing from a five-year peak of 1.8 million barrels per day in 2015.

Analyst estimates that crude oil prices could potentially weakened by fears of oversupply and the strengthening US dollar. But will also look at the development plan of OPEC production cuts, which if it appears optimistic sentiment will raise the price and vice versa. The price is expected to move within the range Support $ 44.00 - $ 43.50.

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Oil prices rose about 2 percent on Tuesday, pushed higher by expectations of a decline in output of shale and new optimism that OPEC will keep trying to make a cut in production.

US crude oil futures for December delivery have climbed 90 cents, or 2.1 percent, to $ 44.22 a barrel at 0746 GMT, which is located at the lowest price in almost two months in the previous session. January Brent futures rose 71 cents, or 1.6 percent, at $ 45.14 per barrel.

Prices were supported by expectations that the production of shale in the US for December will fall down to the lowest level since April 2014 which aims to increase production at 4.5 million barrels per day.

Saudi Arabia's Minister of Energy said it is important for the Organization of Petroleum Exporting Countries to reach a consensus in September to curb production, according to the Algerian state news agency APS said on Sunday. OPEC members next meeting will be held at the end of this month.

Also supporting the oil market was news that Harold Hamm, chief executive of US independent oil producer, Continental Resources, will be nominated as secretary of energy when Donald Trump became US president.

Elsewhere, Iraq will cut crude oil exports from the port of Basra to the south to 3.16 million barrels per day in December, compared to 3.24 million barrels per day in November. Volume was allocated in December will be the lowest in four months.

Meanwhile, back in the production of Libyan crude oil could turn a profit . A tanker carrying crude oil production of Libya is the first cargo exported through Ras Lanuf terminal which reopened in September. The reopening of Libya's eastern port has helped to channel the results of the national production doubled which increased by about 600,000 barrels per day.

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Crude oil prices fell in Asian trade Friday afternoon (18/11) stressed the strengthening US dollar beat expectations OPEC production cut deal. Crude oil futures prices of West Texas Intermediate (WTI) fell 27 cents at $ 45.15 per barrel. While the price of Brent fell 20 cents, or 0.43 percent, at 46.29 per barrel. Strengthening of the US dollar makes oil, which is priced in dollars, more expensive for buyers in other currencies.

"Commodities were mixed, with a stronger dollar makes pressure for the sector. Brent crude was trading around $ 46 per barrel as investors saw opportunities increase by OPEC will reach an agreement on production cuts, "said the Australian bank ANZ said in a note.

Optimistic comments the Minister of Energy of Saudi Arabia Khalid Al-Falih on OPEC crude oil production cuts ahead of a meeting of the officials of the major oil exporters are scheduled to take place between 0530 GMT and 0730 GMT on Friday.

Representatives of the oil exporter Saudi Arabia, Algeria, Russia, Iran, Kuwait, Libya, Venezuela, Bahrain, United Arab Emirates, Qatar and Nigeria, met in the Qatari capital Doha to discuss the details of a potential deal to reduce production.

Despite hopes for a deal, the increased production of Iran to doubt whether OPEC will be able to cut a deal in world oil glut constantly. Iran overtake Saudi Arabia as a major oil supplier India for the first time in October, sending the data showed.

Analyst estimates that crude oil prices could potentially fall by concerns of oversupply and the strengthening US dollar. But if optimism continues to increase OPEC production cuts, can strengthen oil prices. The price is expected to move within the range Support $ 44.65 - $ 44.15, whereas if the ride will move in the range of $ 45,65- $ 46.15 Resistance.

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Oil prices rose about 1 percent on Monday's Asian session trading (21/11) supported by optimism of OPEC production cuts to rein in excess supply that has made the low price for more than two years.

West Texas Intermediate (WTI) rose 1.18 percent, or 54 cents, at $ 46.23 per barrel. Meanwhile, theCrude oil futures prices International benchmark Brent traded at $ 47.48 a barrel, up 62 cents, or 1.32 percent. Traders said the market was supported by the planned production cuts Organization of Petroleum Exporting Countries (OPEC) in an effort to prop up the market after more than two years of low prices as a result of production exceeding demand.

Optimism supported deal closer after Iran who want to increase production once the international sanctions lifted last January, is expected to be granted an exception if the restriction of production and not the cuts approved, giving the responsibility of the decline directly to other OPEC members, including political rivals and the leader of OPEC's de facto Arab Arabia.

Japan, the fourth-largest oil consumer in the world, on Monday reported a 9.5 percent decline in crude oil imports in October from the same month a year earlier, to 2.78 million barrels per day.

Crude oil prices will be influenced by sentiment plan OPEC production cuts are planned to be realized within 30th November meeting. If the optimistic sentiment continued to strengthen will raise the price and vice versa. Price is expected to move in the range of $ 46.70 - $ 47.20, whereas if the drops will move in the range of $ 45,70- $ 45.20 .

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The surge in oil prices when OPEC cut production success to be extinguished due to supply surged back, according to the head of the International Energy Agency. If the members of OPEC agreed to curb supply at their meeting next week, the price could rise to $ 60 per barrel and triggered a spike in global output, mainly from the US, oil producers of materials shale. 

Increased production due to rising oil prices could put pressure on prices again within nine months to a year. Brent crude, a global benchmark, has rebounded about 10 percent from three-month low earlier this month in which oil is traded at prices near $ 50 a barrel up to the 30th of November during a meeting of the Organization of the Petroleum Exporting Countries in Vienna, where the ministers will try to impose restrictions on supplies that have been discussed at a meeting last September. Oil prices on the London Futures Exchange, traded at $ 49.02 a barrel at 07:18 in London.

This is the first time in history, oil prices declined for a third year in a row that a greater impact would be felt in a few years time. WTI crude oil production reached a peak in June last year, when the country produced an average 9.61 million barrels per day, but has since dropped about 10 percent to 8.69 million barrels per day. IEA warned earlier this month that prices could retreat if OPEC fails to enforce the production cuts were "significant".

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Crude oil prices move weaker in Asian trade on Friday (25/11) due to uncertainty ahead of a planned OPEC production cuts and thin liquidity following the Thanksgiving holiday in the US.

US crude oil futures price of West Texas Intermediate (WTI) was at $ 47.60 a barrel,fall down about 36 cents or 0.75 percent. Crude oil futures prices International benchmark Brent traded at $ 48.54, fall down about 46 cents, or 0.94 percent.

Traders said market activity is low due to the US holiday, while there is a reluctance to take big bets prices directly because of uncertainty about oil production cuts are planned, led by the Organization of Petroleum Exporting Countries (OPEC).

Analyst estimates that crude oil prices for the next trading sentiment will move close watch on OPEC production cut deal and the movement of the US dollar. Prices are expected to move in the range of $ 47,10- $ 46.60, whereas if the ride will move in a range of between $ 48.10 - $ 48.60.

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Crude oil prices in Asian trade on Monday (28/11) trying to rise after steep losses made since Friday in choppy trading ahead of a planned OPEC producers on Wednesday aimed at curbing global oversupply.

US crude oil futures price of West Texas Intermediate (WTI) fell 11 cents, or 0.24 percent, to $ 45.95 per barrel. While the price of Brent crude oil futures traded at $ 47.14 per barrel on, down 10 cents, or 0.21 percent. The recovery came after the price fell more than 3 percent on Friday, and then continue on Monday morning.

Prices have fallen because of a dispute between the Organization of Petroleum Exporting Countries and non-OPEC exporters like Russia over who should cut production and how much to control global oversupply. Exceeded the planned production cuts, Morgan Stanley said that the US dollar is the main driver of oil prices.

Crude oil prices for the next trading will move to respond to weak uncertainty in OPEC production cuts. But if there is an optimistic sentiment today related production cuts in OPEC, will raise the price. Prices are expected to move in the range of $ 45,50- $ 40.50.

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Crude oil prices fell in Asian trade on Tuesday (29/11) amid doubts that OPEC producers will be able to complete the decline in production during a meeting on Wednesday to control the excess global supply and support prices.

US crude oil futures price of West Texas Intermediate fell 38 cents, or 0.81 percent, at $ 46.70 per barrel. Meanwhile, crude oil futures prices International benchmark Brent traded at $ 47.80 a barrel, down 44 cents, or 0.91 percent.

Organization of Petroleum Exporting Countries (OPEC) will hold a meeting in Vienna on Wednesday (30/11) to discuss plans for production cuts in an effort to curb oversupply and decreased to half price since 2014.

With a high degree of uncertainty will be the last 24 hours before the meeting, the volatility of oil prices is expected to be high. There is still disagreement among OPEC members related how many cuts production charged to each member state, and plans to bring non-OPEC oil giant Russia to participate so far has failed.

Crude oil prices for the next trading will move to respond to weak uncertainty in OPEC production cuts. But if there is an optimistic sentiment today related production cuts in OPEC, will raise the price. Prices are expected to move in the range of $ 46,20- $ 45.70, whereas if the ride will move in a range between $ 47.20 - $ 47.70.

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Crude oil prices rose slightly in Asian trade on Wednesday (30/11) ahead of the OPEC meeting, with member manufacturers try to discuss a deal to cut output to curb oversupply has made the price plunged by more than half since 2014.

US crude oil futures price of West Texas Intermediate (WTI) rose 29 cents, or 0.64 percent, at $ 45.52 per barrel. Crude futures international benchmark Brent traded at $ 46.82 a barrel, up 44 cents, or 0.95 percent.

Traders said the market was uneasy, and that price will depend on developments at a meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna today. Crude oil tumbled nearly 4 percent in the previous session because of a dispute between Saudi Arabia, Iran and Iraq on the details of the planned cuts. Despite the disagreements, most analysts still expect some form of agreement emerged.

Crude oil prices for the next trade will be looking at the results of today's OPEC meeting in Vienna. If an agreement is reached it will lift production cuts in crude oil prices and vice versa. Prices are expected to move in the range of $ 44,50- $ 43.50 Support, whereas if the ride will move in a range Resistance $ 46.50 - $ 47.50.

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Crude oil prices continue to strengthen on Asia session on Thursday (01/12), after OPEC and Russia agreed to cut crude oil production to revive prices, but analysts warned prices could recede as other manufacturers stand to fill the gap. 

US crude oil futures price of West Texas Intermediate (WTI) rose $ 0.60, or 1.21 percent, to $ 50.04 per barrel. Brent crude futures rose $ 0.67, or 1.3 percent, at $ 52.51 per barrel. At the meeting of the Organization of Petroleum Exporting Countries (OPEC) on Wednesday (30/11) in Vienna Austria, OPEC President Mohammed Bin Saleh Al-Sada of Qatar insists that the deal OPEC is reducing production of 1.2 million barrels per day. 

This will reduce total production to 32.5 million barrels per day, effective from January 2017. The deal also includes the group's first coordinated action by non-OPEC members Russia in 15 years. Analysts also said that the cuts would leave the field open for other manufacturers, especially the US shale drillers.

Analysts think that crude oil prices for the next trade will rise after OPEC agreement limiting production. But if tonight the US dollar strengthened by increased US manufacturing data, will depress prices. Prices are expected to move in the range of $ 50,50- $ 51.00.

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Crude oil prices slipped on Asia trading session on Friday (12/2) as investors took profit after Brent touched 16-months high on Thursday. Likewise, the OPEC-Russia agreement on the reduction of production raises the questions of how implementation of the agreement.

US crude oil futures price of West Texas Intermediate (WTI) at $ 50.63, down 43 cents, or 0.84 percent. Crude oil futures prices International benchmark Brent traded at $ 53.30 a barrel, down 64 cents, or 1.19 percent.

Brent crude and WTI futures jumped more than 10 percent since the agreement Wednesday by OPEC members and Russia to reduce crude oil production by a combined 1.5 million barrels per day.

Analysts are now focusing their attention on the implementation of the agreement, the first agreement since 2001 by the Organization of Petroleum Exporting Countries (OPEC) and Russia to coordinate production cuts. But traders said the market remains broadly optimistic in the long term of the agreement is designed to help bring the oil market back into balance.

Analyst estimates that crude oil prices for the next trade will be weakened by profit taking. Tonight if NFP data will strengthen the US dollar strengthened and weakened oil prices. Prices are expected to move in the range of $ 50,10- $ 49.60, whereas if the ride will move in a range of $ 51.10 - $ 51.60.

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Crude oil prices fell about 1 percent on Tokyo seesion and triggered an increase in the number of US refineries amid concerns that the decline in production was planned as part of the joint action between the producer group OPEC and Russia are probably not at the beginning.

Crude oil futures prices of West Texas Intermediate (WTI), the US was at $ 51.15 a barrel, down 53 cents, or 1.03 percent. While the price of Brent crude oil futures traded at $ 53.94 a barrel, down 57 cents, or more than 1 percent, of the last closing them.

Traders said the fall in prices triggered by increasing production after an agreement last week between the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members Russia to cut production in 2017. The cuts aim to control the flood of supply which has weighed on the market for more than two years.

While US energy companies to add new oil production drilling into the seventh month of last week, data from the energy services company Baker Hughes showed on Friday.

Saudi Arabia and Kuwait are expected to agree this week to resume oil production, with the potential of 300,000 barrels in daily production, from oil field operated jointly closed between 2014 and 2015 for environmental and technical difficulties.

Analysts estimate that crude oil prices for the next trade will weaken limited triggered fears of increased production and still sightings of the implementation of the agreement of OPEC. Prices are expected to move in the range of support between $ 50,65- $ 50.15, whereas if the price rise it will move on the range resistance between $ 51.65 - $ 52.15.

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Crude prices in trading Tuesday afternoon (06/12) declined after crude oil production rose in almost every region of the main exports despite plans by OPEC and Russia to reduce production, stoking fears that over-production has been steady in the market for more than two years may lasted until 2017.

US crude oil futures price of West Texas Intermediate (WTI) was at $ 51.12 a barrel, down 67 cents, or 1.29 percent. International benchmark price of Brent crude oil traded at $ 54.44 a barrel, down 50 cents, or 0.91 percent, from the last closing them.

Traders said the fall in prices was due to increased production from the Organization of Petroleum Exporting Countries (OPEC) and Russia. OPEC oil production hit a record high in November, rose to 34.19 million barrels per day (bpd) in November from 33.82 million bpd in October, according to a survey based on shipping data and information from industrial sources.

The news comes just days after OPEC and Russia agree historic deal to cut production in 2017, triggering an increase of more than 10 percent in price, in an effort to end the excess supply of fuel has been steady in the market for more than two years.

Analysts estimates that crude oil prices for the next trading potentially weakened by fears of increased production of OPEC and Russia. Prices are expected to move in the range of between $ 50,60- $ 50.10 which are support, whereas if the ride will move in a range Resistance between $ 51.60 - $ 52.10.