Crude Oil Fundamental Analysis

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Crude oil prices rose in late trading early Tuesday morning because of the weakening US dollar and the strengthening of US stock market helped crude oil rebounded from earlier declines are depressed by fears of rising oil drilling activity in United States. 

Data of the energy monitoring service Genscape showing the results of withdrawal of 330 611 barrels in Cushing, Oklahoma delivery hub US crude oil futures in six days until 12 September also supported oil prices, said traders viewed data.

Because of that US crude oil futures price of West Texas Intermediate rose 37 cents to $ 46.25 a barrel, after trading as low as $ 44.72. Brent crude futures rose 30 cents to $ 48.31 per barrel, at 14:38 having earlier dipped below $ 47.

Markets are driven by expectations of easing of US interest rate rise this month, which makes the dollar lower and higher equity markets. Softer dollar makes dollar-denominated commodities, including crude oil, more affordable for holders of the euro and other currencies.

Basically, oil prices got a boost Thursday after government data showed a remarkable decline of 14.5 million barrels of US crude oil stocks for the week ending 2 September largest weekly drawdown since 1999. Traders said the price had earlier fallen on Mondays and Fridays are the result of increased oil drilling activity in the United States, indicating that manufacturers can operate profitably at around current levels.

OPEC, on Monday estimated oil production from non-cartel rivals will grow faster than originally estimated in 2017, pointing to a greater surplus than previously estimated. A number of key members of the group, including Saudi Arabia, have hinted they may be willing to consider a freeze on production, although there is no certainty among market players that a deal could materialize in the near future.

Even if the exporter agreed on a freeze of production around current levels, analysts said that would slightly raise prices for most exporters pumping out oil at or near record levels, and has been adapted to do so at a lower price. Prices are expected to penetrate the Support range between $ 45.75 - $ 45.25, and if the price rises will penetrate resistance range between $ 46.75 - $ 47.25.

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Oil prices rebound in Asian trade on Wednesday after falling as much as 3 percent in the previous session, after data from an industry group showed an increase smaller than expected in US crude inventories. American Petroleum Institute (API) reported an increase in crude inventories of 1.4 million barrels for the week ending 9 September, smaller than the increase of 3.8 million barrels predicted by analysts.  

 

US government will issue an official inventory data on Wednesday night. US crude oil futures price of West Texas Intermediate rose 29 cents, or 0.7 percent, at $ 45.19 per barrel. Brent crude futures traded at $ 47.34 a barrel at 0103 GMT, up 24 cents, or 0.5 percent, from the last closing. The rise in oil prices also supported the withdrawal of a substantial further in gasoline stocks of 2.4 million barrels following a draw down of 2.3 million barrels seen last week, as reported by the API.

 

Tonight will be released weekly crude oil inventories data by the EIA which indicated increased. If realized, it will push the price of crude oil. However, it should be observed that if the movement of US dollar continued to strengthen will push oil prices. Prices are expected to penetrate resistance between $ 45.70 - $ 46.20, and if the price drops will penetrate support between $ 44.70 - $ 44.20.

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Oil prices rebounded on Asia trade on Thursday (15/09) after falling about 3 percent in the previous session, buoyed by a weaker US dollar. Expectations the US Federal Reserve will raise rates at its policy meeting next week has subsided. 

Likewise sentiment unexpected drop in US crude inventories strengthen prices. US crude inventories fell around 559,000 barrels in the week to September 9 challenging analysts' forecasts for an increase of 3.8 million barrels.

On the other hand, US crude oil futures price of West Texas Intermediate rose 10 cents, or around 0.23 percent, at $ 43.68 per barrel. Brent crude futures traded at $ 46.06 a barrel, up 21 cents, or 0.46 percent.

Crude oil prices fell about 3 percent for the second consecutive day on Wednesday following an increase of 4.6 million barrels in US inventories of refined oil. This is the largest weekly increase since January and put distillate inventories in the six-year seasonal highs.

Libya on the other hand is working to resolve the problem of force majeure at the port of Zueitina, showed that Libyan crude exports could start flowing immediately. Hopes that the Nigerian crude supplies also could return as offers for October-loading crude oil Qua Iboe has emerged.

Analyst estimates that the price of crude oil at the next trade is projected to rise with the potential weakening of US dollar after the fading hopes of US interest rate hikes. Prices are expected to penetrate the resistance between $ 44.20 - $ 44.70, and if the price drops will penetrate support range between $ 43.20 - $ 42.70.

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Crude oil prices fell on Asian trade Friday session amid concerns that the number of oil refineries will continue to rise and the return of Libyan and Nigerian exports will further increase the global supply glut.

US crude oil futures price of West Texas Intermediate fell 34 cents, or 0.77 percent, at $ 43.57 per barrel while the price of Brent crude futures traded at $ 46.26 a barrel, down 33 cents, or 0.71 percent. Baker Hughes reported the number of US refineries for weeks to 16th September on Friday. WTI prices held above $ 40 a barrel since early August has been supporting growth in the number of US refineries.

While the resumption of supplies from Libya and Nigeria will hinder rebalancing global crude oil market, weighed on sentiment, traders said. Libya resume oil exports of some major port seized by force by parties loyal to the commander Khalifa Haftar east in recent days and have been raised related to "force majeure" clause of the contract, the National Oil Corporation (NOC) said Thursday.

Analyst estimates that the price of crude oil at the next trade may decline to concerns with global supply glut. But tonight should be observed that the US economic data Inflation in August and September indicated Consumer Sentiment rose, which if realized, will strengthen US dollar and weighed on oil prices. Prices are expected to penetrate support range at $ 43.10 - $ 42.60, and if the price rises will penetrate resistance range at $ 44.10 - $ 44.60.

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Crude oil prices rose in Asian trade on Monday (09/19), after the statement that the OPEC nation Venezuela and non-OPEC production almost reached an agreement to stabilize and sentiment clashes in Libya raised concerns that efforts to restart crude exports could be disrupted. US crude oil futures price of West Texas Intermediate rose 63 cents, or 1.5 percent, at $ 43.66 per barrel. Whilerent crude futures traded at $ 46.39 a barrel at 0046 GMT (8:46 am EDT), up 62 cents, or 1.4 percent, from their last settlement.

Venezuelan President Nicolas Maduro said on Sunday that an agreement between the countries of OPEC and non-OPEC could be announced this month. Iran's crude oil exports in August jumped 15 percent from July to more than 2 million barrels per day (bpd), according to a source familiar with the tanker loading schedule, approaching the level of pre-sanction Tehran delivery of five years ago.

Concerns over supply growth remains a scourge on the sentiment for US crude oil production continues to increase. US drillers add oil refinery for 11 weeks in the past 12, in the week to 16 September Drillers added two oil refineries in the week until 16th September, bringing the total calculation refinery to 416, the most since February.

US gasoline futures opened 0.3 percent higher at $ 1.4659 per US gallon after rising 2 percent on Friday as major outages Colonial Pipeline gas operations and in the main unit of BP Plc refinery in Whiting, Indiana.

it estimated that the price of crude oil at the next trade is projected to rise to optimism and concern production freezing Libyan oil production. Prices are expected to penetrate the range between resistance at $ 44.20 - $ 44.70, and if the price drops will penetrate the range between support at $ 43.20 - $ 42.70.

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Crude oil prices fell on Tuesday (09/20) in the Asian session after Venezuela said that global crude supplies fell 10 percent need to be able to bring the production to the level of consumption. US crude oil futures price of West Texas Intermediate (WTI) fell 26 cents to $ 43.04 per barrel while Brent traded at $ 45.77 a barrel, down 18 or 0.39 percent.

This statement confirmed the view of analysts that the market remains very oversupply. Global oil supply of 94 million barrels per day needs to go down about a tenth if it is to match consumption, Venezuelan Oil Minister Eulogio Del Pino, said on Monday.

"Global production is at 94 million barrels per day, of which we need to get down 9 million barrels per day to maintain the level of consumption," Del Pino said in an interview with the TV station's internal state oil company PDVSA. Del Pino also the President of PDVSA.

The report comes on the same day as credit rating agency Standard & Poor's said that the bond swap proposed by PDVSA is a "distressed exchange" that would be "tantamount to default" if completed, be a blow to the company's business that lack of money is to look for the source finance.

Analyst estimates that the price of crude oil at the next trade with a potentially weaker global glut worries. Prices are expected to penetrate the support range between 42.50 - $ 42.00, and if the price rises will penetrate resistance range between $ 43.50 - $ 44.00.

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Crude oil rose in trading Wednesday (21/09) at Asia session, triggered by a decline in US crude inventories and increase in Japanese imports. West Texas Intermediate (WTI) price rose 1.8 percent, or 81 cents, at $ 44.86 per barrel. The October contract expired yesterday at $ 43.44 per barrel and the next month has now been extended for November.

 

Fueling the increase in WTI prices is data from the American Petroleum Institute (API), which showed a 7.5 million barrel drawdown be 507.2 million barrels in US crude inventories, as a third weekly inventory drawdown.

 

Market participants forecast an increase of 3.4 million barrels, according to a Reuters poll. Official data storage is scheduled to be published by the Energy Information Administration (EIA) on Wednesday, and traders said they are also eagerly anticipating the meeting of the Federal Open Market Committee of the US Federal Reserve (FOMC), which could affect US interest rates.

 

Overall, the oil market remains oversupply as an exporter producing near record number of the world. Oil producers from the Organization of Petroleum Exporting Countries (OPEC) and Russia plan to meet in Algeria next week to discuss measures to rein in excess supply, but analysts said they do not expect significant cuts to production.

 

Tonight will be released weekly crude oil inventories data by the EIA, which indicated an increase in inventories. But also will be released weekly gasoline inventories which indicated a significant decline. If inventories of gasoline fell would strengthen oil prices. It estimates that the price of crude oil at the next trade may rise after a decline in crude oil inventories report by the API.

 

Also if tonight realized the price will raise the price of crude oil. Prices are expected to penetrate the Resistance range between $ 45.40 - $ 45.90, and if the price drops will penetrate Support range between $ 44.40 - $ 43.90.

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Crude oil prices rose about 3 percent in late trading Thursday morning compelled surprise drop in crude oil inventories were reported to the US government and the Fed's decision to keep interest rates. West Texas Intermediate (WTI) rose $ 1.28, or 2.91 percent, to $ 45.33 per barrel while Brent crude futures rose 99 cents, or 2.16 percent at $ 46.87 a barrel at 14:40 ET.

The Energy Information Administration (EIA) said domestic crude inventories fell 6.2 million barrels for the week ended 16 September versus a decline of 3.4 million barrels of oil estimated by market analysts polled by Reuters.

Crude inventories in the world's largest oil consumer has fallen since the start of this month. Approximately 14.5 million barrels reported to be drawn for the week ending Sept. 2 .

Some market participants are confused by the current draw of US crude imports overall rose and refinery runs fell. US crude oil imports rose last week by 77,000 barrels per day, but fell sharply in the US Gulf, fell about 500,000 barrels per day to 2.9 million barrels per day.

The key to the market is meeting next week in Algeria between the producer of the Organization of Petroleum Exporting Countries (OPEC) and Russia to discuss measures to rein in excess supply, including freezing production at current levels, but analysts said they did not expect significant results.

Analyst estimated that the price of crude oil at the next trade may rise after the Fed's decision to keep interest rates and a decline in US inventories. Prices are expected to penetrate the resistance range of $ 45.80 - $ 46.30, and if the price drops will penetrate support range $ 44.80 - $ 44.30.

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Crude oil prices declined in Asia trade on Friday (09/23), depressed profit taking following a strong two previous sessions and caution ahead of the OPEC ministers meeting in Algeria next week to discuss the possibility of production cooperation. West Texas Intermediate (WTI) traded at $ 45.90 a barrel , down 42 cents from the previous close. Brent futures fell 33 cents, or 0.69 percent, at $ 47.32 per barrel.

OPEC could see a new impulse to grab the first deal to curb production since 2008 next week when Algeria played host to the petroleum minister. Traders said that the decline largely to technical chart indicators and also sell following strong price increases in the two previous trading sessions.

Analyst estimates that the price of crude oil at the next trade will be potentially weak with continued profit taking. However, if US dollar continues to weaken, it will strengthen the price of oil. Prices are expected to penetrate support range at $ 45.40 - $ 44.90, and if the price rises will penetrate resistance range at $ 46.40 - $ 46.90.

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Crude oil prices rebounded on Monday trading ata Asian session, after Algerian Energy Minister said that it is possible for the cutting or freezing of crude oil this week at an informal meeting of OPEC producers. US crude oil futures price of West Texas Intermediate (WTI) rose 38 cents, or 0.85 percent, to $ 44.80 a barrel after falling 4 percents, in the previous session.

Brent crude futures rose 45 cents, or 0.98 percent, to $ 46.34 a barrel, after settling down $ 1.76, or 3.7 percent, on the previous closing. These results came after prices tumbled 4 percent on Friday amid signs Saudi Arabia and Iran was making little progress in reaching a preliminary agreement to freeze production.

The signals have been mixed so far whether an agreement on cutting or freezing production is possible.Sources told Reuters on Friday that Saudi Arabia does not expect a decision to be made in Algeria, while Saudi Arabia has also offered to reduce production if Iran limiting its own production this year, an offer that Tehran has not been a response.

Crude Oil price at the next trade has the potential to increase if optimism freezing production continues is strong and US dollar continue weakening. Prices are expected to penetrate resistance range of $ 45.30 - $ 45.80, and if the price drops will penetrate support range $ 44.30 - $ 43,80.

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Crude oil prices rose nearly 3 percent in late trading Tuesday morning meeting supported the optimism in the world's largest manufacturer in Algeria to discuss ways to freeze production. WTI crude futures rose $ 1.26, or 2.83 percent, to $ 45.74 per barrel, Brent crude futures rose $ 1.25, or 2.72 percent, to $ 47.14 a barrel at 14:38 ET, after rallying from a session low of $ 45.74.

Members of the Organization of Petroleum Exporting Countries (OPEC) met informally on the sidelines of the International Energy Forum in Algeria from 26 to 28 September, where they will discuss the possibility of an agreement to limit production. Iran, which continues to add production in 2012, before the imposition of Western sanctions were lifted in January, underestimate the chances of a deal, although some other members of the group said they still hope there will be some agreement on how to tackle the world's crude oil surplus.

Data from the US Commodity Futures Trading Commission on Friday showed hedge fund managers cut their net long positions in crude oil to its lowest level in a month, has made the biggest weekly additions to their short positions. Sources told Reuters on Friday that Saudi Arabia does not expect a decision to be made in Algeria, while Saudi Arabia has offered to reduce production if Iran limit your own production this year, an offer that Tehran has not responded.

Analyst estimates that the price of crude oil at the next trade will look at the development of oil producers meeting in Algeria, which if yielded optimistic results will strengthen oil prices and vice versa. Prices are expected to penetrate the support range betwee $ 45.20 and $ 44.70, and if the price rises will penetrate resistance range between $ 46.20 and $ 46.70.

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Crude oil prices rose in Asia session trade on Wednesday, helped by a decline in US crude inventories, though concerns over the lack of agreement among manufacturers to curb production continues to reduce profits. Oil prices received support from data from industry group American Petroleum Institute showed crude inventories fell 752,000 barrels 23 September and become 506.4 million barrels, versus expectations for a 2.8 million barrel rise.

 

Crude oil futures fell about 3 percent on Tuesday after Iran rejected an offer from Saudi Arabia to restrict oil production in exchange for Riyadh cut supplies. The market expects both major OPEC producers will find a compromise this week to help lower global glut of crude oil.

 

Members of the Organization of Petroleum Exporting Countries (OPEC) will hold informal talks at 1400 GMT on Wednesday. Its members will also meet non-OPEC producers on the sidelines of the three-day International Energy Forum, which was held in Algeria and which ended on Wednesday.

 

US crude oil futures price of West Texas Intermediate (WTI) rose 27 cents to $ 44.94 a barrel at 0026 GMT and ending down around 2.7 percent, in the previous session. Brent crude rose 32 cents to $ 46.29 a barrel after settling down $ 1.38, or 2.9 percent. Tonight will be released weekly crude oil inventories data by the EIA which indicated a sharp rise compared to the withdrawal of the previous week.

 

Analyst estimates that the price of crude oil at the next trade has potency to be weak  if no agreement is reached at the meeting of oil-producing Algeria. Also will be more depressed if EIA data realized an increase in inventories. Prices are expected to penetrate the support range between $ 44.50 - $ 44.00, and if the price rises will penetrate resistance range between $45.50 - $ 46.00.

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Oil prices closed jumped more than 5 percent in late trading Thursday morning after an agreement was reached to limit OPEC crude oil production in Algeria meeting to be held on November policy meeting in Vienna. Organization of Petroleum Exporting Countries (OPEC) reached an agreement to limit production by nearly one million barrels per day to 32.5 million barrels per day.

OPEC will agree to the freezing level of production on 30 November meeting in Vienna, said the sources. After reaching the target group, he would seek support from non-member oil producers of OPEC to further reduce global glut, they added.

US crude oil futures price of West Texas Intermediate (WTI) closed up $ 2.38, or 5.3 percent, to $ 47.05 per barrel and the price of Brent crude oil futures closed up $ 2.72, or 5.9 percent, at $ 48.69 per barrel, reaching more than two-week high of $ 48.96.

Oil's rally to support the stock market, the energy sector on Wall Street jumped 4 percent on track for the best day since January. Oil prices rose by more than half from highs above $ 100 per barrel in mid-2014 as a wave of production from US shale oil is combined with other global surplus and OPEC production.

Before news of the deal Wednesday, Iranian Oil Minister Bijan Zanganeh said Iran would agree to curb production "near 4 million barrels per day". Iranian production has stagnated at 3.6 million barrels per day since the lifting of Western sanctions.

Crude Oil price on the next trade has potential to rise and in bullish manner despite for the result. But because the new will be set in November, the sentiments of others can influence. Prices are expected to penetrate the Resistance range of $ 47.50 - $ 48.00, and if the price drops will penetrate Support range of $ 46.50 - $ 46.00.

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Crude oil prices ended the day up more than one-month high in late morning trade on Friday supported by optimism over OPEC's plan to limit production. Organization of Petroleum Exporting Countries (OPEC) agreed on Wednesday to cut output of 32.5 to 33 million barrels per day from the previous 33.5 million barrels per day, estimated by Reuters to be the level of production in August.

OPEC said details of the plan will be known at a policy meeting in November, providing answers to the question of when the agreement will come into force, what new quotas for member countries and for what period, and how compliance would be verified. The price of US crude oil futures closed 1.7 percent, at $ 47.83 per barrel, the highest close since August 23.

Crude oil futures prices International benchmark Brent rose 36 cents a barrel at $ 49.05 by 14:58 ET (1858 GMT). The contract earlier rose to $ 49.81, the highest intraday level since Sept. 8. Many analysts say there is still ambiguity in more detail, as well as the risk of the deal could unravel. Moreover, if oil prices rise, it could also lead to a surge in non-OPEC production, they said.

Russian Energy Minister Alexander Novak said on Thursday Russia aims to maintain oil production at near record levels despite the OPEC decision to reduce production.He said Moscow was ready to consider proposals from OPEC for joint action in the oil market and will hold consultations with the group in October and November.

Analyst estimates that the price of crude oil at the next trade has potential to weakening with investors still looking at further measures OPEC to realize a deal in Algeria for freezing production. Also strengthening of US dollar still has the potential to push oil prices. Prices are expected to penetrate the Support range between $ 47.30 - $ 46.80, and if the price rises will penetrate Resistance range between $ 48.30 - $ 48.80.

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Crude oil prices fall down this Monday (03/10) on Asia session, despite an agreement last week by exporters to cut production, with doubts OPEC measures to control production has exceeded consumption. US crude oil futures price of West Texas Intermediate (WTI) fell 0.48 percent, at $ 48.01 per barrel. While the price of Brent crude oil futures traded down 0.24 percent, at $ 50.07 per barrel.

Oil trading activities will be limited on Monday due to a public holiday in China and Germany, as the largest market in Asia and in Europe. Price falls came despite an agreement last week by members of the Organization of Petroleum Exporting Countries (OPEC) to cut output to between 32.5 million barrels per day (bpd) to 33.0 million barrels per day from 33.5 million barrels per day, with details to be completed in OPEC policy meeting in November.

Traders said the price go lower despite the cuts were announced as the excess remains in place for a while, and as planned intervention may not be enough to bring production back to, or below, the consumption. Market skepticism stems from the fact that the production of OPEC are pursuing a new record this year with competition members such as Saudi Arabia, Iran and Iraq are reluctant to give market share.

As a result, OPEC oil production is likely to reach 33.60 million barrels per day in September from a revised 33.53 million bpd in August, the highest in history, a Reuters survey on Friday. Even so, the British bank said that it does not expect a repeat of the crisis have seen the end of last year after an earlier rally in 2015.

Tonight will release ISM Non-Manufacturing PMI September which indicated increased. If realized, it will strengthen the US dollar. Analyst estimates that crude oil prices will weaken depressed tonight by strengthening US dollar. Crude oil prices are expected to move in the range between $ 47,50- $ 47.00, and if the price rises will move in the range between $ 48,50- $ 49.00.

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Crude oil prices slumped on Tuesday (04/10) in Asia session, weighed down by a rise in exports of Iran which adds to global oversupply, although OPEC plans to cut production of crude oil this year. US crude oil futures price of West Texas Intermediate (WTI) crude oil was down 20 cents or 0.41 percent to $ 48.61 per barrel, while International crude oil futures prices Brent traded at $ 50.77 a barrel, down 12 cents or 0.24 percent from its previous close.

Traders said prices depressed by the latest hike in the sales of Iranian crude oil and condensate, which is likely to reach about 2.8 million barrels per day (bpd) in September, almost culminating in the delivery before sanctions are imposed on manufacturers of OPEC in 2011.

Analysts say Iran will strive to increase production further and reach the level of pre-sanctions make it more likely Tehran will agree on some form of production constraints with other members of the Organization of Petroleum Exporting Countries (OPEC), including rival regional Saudi Arabia, which also pumps oil approaching record levels.

The US bank said the price factor is important to be seen in the coming weeks, including discussions on the production of the members of the non-OPEC, especially with Russia, production in OPEC as its members try to squeeze the oil before it is cut or frozen, hedging by producers to 2017 as a guide to future prices, and US inventories and import data.

Crude oil prices will weaken US dollar and depressed through strengthening global glut concerns, while new production cut deal will be held next November. Crude oil prices are expected to move in the range between the support at $ 48,10- $ 47.60, and if the price rises will move in the range of resistance betwee $ 49,10- $ 49.60.

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Crude oil prices slumped on Tuesday (04/10) in Asia session, weighed down by a rise in exports of Iran which adds to global oversupply, although OPEC plans to cut production of crude oil this year. US crude oil futures price of West Texas Intermediate (WTI) crude oil was down 20 cents or 0.41 percent to $ 48.61 per barrel, while International crude oil futures prices Brent traded at $ 50.77 a barrel, down 12 cents or 0.24 percent from its previous close.

Traders said prices depressed by the latest hike in the sales of Iranian crude oil and condensate, which is likely to reach about 2.8 million barrels per day (bpd) in September, almost culminating in the delivery before sanctions are imposed on manufacturers of OPEC in 2011.

Analysts say Iran will strive to increase production further and reach the level of pre-sanctions make it more likely Tehran will agree on some form of production constraints with other members of the Organization of Petroleum Exporting Countries (OPEC), including rival regional Saudi Arabia, which also pumps oil approaching record levels.

The US bank said the price factor is important to be seen in the coming weeks, including discussions on the production of the members of the non-OPEC, especially with Russia, production in OPEC as its members try to squeeze the oil before it is cut or frozen, hedging by producers to 2017 as a guide to future prices, and US inventories and import data.

Crude oil prices will weaken US dollar and depressed through strengthening global glut concerns, while new production cut deal will be held next November. Crude oil prices are expected to move in the range between the support at $ 48,10- $ 47.60, and if the price rises will move in the range of resistance betwee $ 49,10- $ 49.60.

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US crude oil prices ended above $ 50 for the first time since June in late morning trade on Friday, buoyed by news of an informal meeting of OPEC's production cuts and a surprise decline in oil inventories. The price of US crude oil futures closed up 61 cents, or 1.2 percent, at $ 50.44 per barrel, the best closing level since June 9. climbed to a session peak of $ 50.58 on Thursday.

Brent crude futures rose 68 cents, or 1.3 percent, to $ 52.54 a barrel at 02:39 ET (1839 GMT), slightly down from a peak of $ 52.65 today and not far from its 2016 $ 52.86 on June 9. Crude oil has risen more than $ 6 per barrel since the OPEC announced informal talks Algeria on 28 September that it hoped to reduce the production to 32.5 to 33 million barrels per day. This will eliminate approximately 700,000 barrels per day of global glut predicted by analysts in 1000000-1500000 barrels per day.

A number of OPEC oil ministers plus the Russian Energy Minister will attend an energy conference in Istanbul is expected as pertmuan together informally although they are unlikely to make a new decision, OPEC sources said. "In a bullish market environment is enough to push prices higher," said Commerzbank, which also said Russia would attend a meeting next week in Istanbul producers as encouragement.

However, inventories near record highs and the prospect of even modest cuts in the production of the largest exporters of the world may not be enough to encourage a more sustainable rally, analysts said. Overall, analysts said the market was also supported at current levels, mainly due to the decline in production is proposed, announced last week by the Organization of Petroleum Exporting Countries (OPEC).

Algerian Energy Minister Nouredine Bouterfa told local media on Thursday OPEC could cut output at a meeting in late November in Vienna with one another cent more than 700,000 barrels per day agreed in Algiers last month, if necessary.

Analyst estimates that crude oil prices will further examine the movement of US dollar continued to strengthen if crude prices would depress. Crude oil prices are expected to move in the range between $ 50,00- $ 49.50 which act as support, and if the price rises will move in the range between $ 51,00- $ 51.50 which act as resistance.

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Crude oil prices fell on Asian session pressured by the doubt of OPEC plans to cut production could curb global oversupply that has hit the market for more than two years. US crude oil futures price of West Texas Intermediate (WTI) fell 47 cents to $ 49.34 per barrel. Brent crude futures traded at $ 51.49 a barrel, down 44 cents, or 0.85 percent.

Organization of Petroleum Exporting Countries (OPEC) agreed on a plan to cut production at the end of November. The range targeted is cutting production of between 32.50 million to 33.0 million bpd. OPEC's current output stood at a record 33.6 million barrels per day. To reach such an agreement, some of which such as Saudi Arabia and Iran are political rivals, OPEC officials begin a series of meetings in the next six weeks, starting in Istanbul this week.

However, analysts warned of too high expectations about the Istanbul talks this week. "A meeting between OPEC and producers-OPEC non (ie Russia) will add headlines oil this week. Do not expect a deal companies from Russia, but probably about cooperation, "said Morgan Stanley on Monday.

Even if an agreement is reached, analysts believe it will lead to higher prices, because of doubt running between members of rival, a Reuters poll showed on Friday. Field of hope, the second largest producer of OPEC Iraq said at the weekend that he wants to increase production further in 2017.

Traders said prices were also under pressure from the increase in the number of US refineries, implying that American manufacturers can increase production at a price of around $ 50 per barrel.

Crude oil prices further potentially weak with doubt planned production cut OPEC. However, with the weakening of US dollar by the weakening of US job data can help boost oil prices. Crude oil prices are expected to move between $ 48,80- $ 48.30 support, and if the price rises will move between $ 49,80- $ 50.30 resistance.

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Oil prices fell in trading Tuesday on profit-taking pressured on Asian session, but remained near the highs of the year, triggered the strengthening expectations of production cuts by OPEC producers, and traders said the price outlook remains bullish as confidence in the market of crude oil rose.

 

US crude oil futures price of West Texas Intermediate (WTI) crude oil futures were at $ 51.28 a barrel, down 7 cents, or 14 percent of the final closure, but also near the site of Monday's $ 51.60 a barrel high. International benchmark price of Brent crude oil traded at $ 53.07 a barrel, down 7 cents, or 13 percent from the previous close, not far from the position Monday at $ 53.73 per barrel high.

 

Oil prices jumped as much as 3 percent on Monday, with Brent crude hitting a one-year high, after Russia said it was ready to join the Organization of Petroleum Exporting Countries (OPEC) in controlling the production of crude oil.

 

Germany Carsten Fritsch of Commerzbank said that "expectations of OPEC production cuts definitely played a role" in the latest price increase of the futures market, where a large volume of new long positions have been built as the market becomes more confident about rising oil prices.

 

But caution still audible tone in the market. Fritsch said he had "significant doubts whether the target reduction in production will be completely fulfilled" as competition among OPEC members, who fought aggressively for market share globally, could prevent an effective agreement.

 

Analyst estimates that crude oil prices could potentially further weakened by profit-taking after prices rose higher and the strengthening US dollar. But if the freezing of optimism sentiment strengthened OPEC production will raise the price back. Crude oil prices are expected to move in the range between $ 50,80- $ 50.30, and if the price rises will move in the range between $ 51,80- $ 52.30.

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Crude oil prices fell on Thursday in the Asian session, pressured OPEC to increase production and an increase in US crude inventories. US crude oil futures price of West Texas Intermediate (WTI) fell 54 cents, or 1.08 percent, at $ 49.64 per barrel. Brent traded at $ 51.37 a barrel fall around 44 cents, or 0.85 percent, from the previous close.

Traders said the oil market under pressure after the Organization of Petroleum Exporting Countries (OPEC) reported a rise in production, although the producer group have a plan, in cooperation with non-OPEC producer Russia to cut production in an effort to control global oversupply.

OPEC on Wednesday reported oil production rose in September to the highest level in at least eight years and raised its forecast for 2017 non-OPEC supply growth, pointing to a greater surplus next year despite the agreement of the group to cut production.

Meanwhile, the American Petroleum Institute (API), a trade group, reported on Wednesday that US crude oil inventories rose 2.7 million barrels to 470.9 million barrels in the week to October 7 this will be the first increase in oil inventories after five consecutive weeks of declines.

A stronger dollar makes it more expensive for countries that use other currencies in the country to import oil is traded in dollars, potentially depress demand. Tonight will be released weekly crude inventory data by the US EIA, which indicated increased. If realized, it will make the Oil price fall once again.

Analyst estimates that crude oil prices further potentially weak by global glut concerns after reports of increases in OPEC production and API reports to the increase in US inventories. Also if tonight realized EIA report for the increase in weekly US crude inventories, will further depress Oil prices. Crude oil prices are expected to move in the range of $ 49,10- $ 48.60 which are suppport, and if the price rises will move in the range of $ 50,10- $ 50.60 which are resistance.

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Crude oil prices rose on Friday (14/10) in the Asian session, driven by a decrease in inventories of diesel fuel and gasoline. US crude oil futures price of West Texas Intermediate (WTI) traded at $ 50.77 a barrel, up 33 cents, or 0.65 percent. Brent crude futures traded at $ 52.17 a barrel, up 14 cents, or 0.27 percent from its previous close.

 

"The price of oil rose overnight despite rising stockpiles in the US, because the supply of fuel in the US fell to its lowest level this year," said ANZ Bank in a note on Friday morning. Energy Information Administration (EIA) reported a decline of 3.7 million barrels for Thursday distillates, which include diesel and heating oil, and a drop of 1.9 million barrels for gasoline.

 

However, US crude inventories rose for the first time in six weeks, up 4.9 million barrels in the week to October 7 to 474 million barrels. Outside the United States, traders said that Brent prices were supported by technical indicators, which has attracted investment from financial market actors.

 

OPEC crude oil production stood at a record 33.6 million barrels per day in September PRODN-TOTAL. Analyst estimates that crude oil prices will weaken further helped by the strengthening US dollar. Crude oil prices are expected to move in the range of $ 50,30- $ 49.80 , and if the price rises will move in the range of $ 51,30- $ 51.80.

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Crude oil prices fell on Monday (17/10) in the Asian session, pulled down by the increasing number of oil refineries in the United States, a strong US dollar and a record OPEC production that occurs in the middle of a global economic slowdown that could erode fuel demand.

 

US crude oil futures price of West Texas Intermediate (WTI) traded at $ 50.20 a barrel, down 15 cents or 0.30 percent from the last position. Traders said that the WTI is pulled down by another rise in US oil drilling activity. Meanwhile, crude oil futures prices International benchmark Brent also fell 6 cents or 0.12 percent at $ 51.89 per barrel.

 

With oil is traded in dollars, a stronger dollar makes it more expensive for countries that use other currencies to buy fuel, potentially undermining demand. Brent was also pressured by fresh production records of the Organization of Petroleum Exporting Countries (OPEC), which pumped out a record 33.6 million barrels of crude oil per day in September.

 

Despite the fall on Monday, analysts said that traders were cautious about the market moves further down, mainly because of plans by OPEC to cut production in an initiative to control the excess global production, which is currently looking at about half a million barrels of crude oil pumped every day over demand.

 

Analysts estimate that the price of crude oil at the next trade potentially pressured by a stronger dollar and fears of a glut of production. The price is expected to move within the range Support between $ 49.70 - $ 49.20, whereas if the price rises will move in the range Resistance between of $ 50,70- $ 51.20 .

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In the middle of European trading session, crude oil prices experienced an increase from the previous trading both for Brent and WTI oil. Robust back in crude oil prices triggered by the depreciation of US dollar against many of its main rivals. West Texas Intermediate (WTI) crude oil rose 0.52 percent to $ 50.39 per barrel. While Brent crude oil futures were at $ 51.95 per barrel, up 43 cents, or 0.8 percent from its previous close.

 

In the past month crude oil prices managed to climb up a translucent back in the range of $ 50 per barrel by agreement of OPEC will cut crude oil production at their meeting in November. The meeting discussed the planned decrease in production of about 1 million barrels per day away from a record production of 33.6 million barrels per day.

 

Analyst estimates that the price of crude oil at the next trade is projected to rise by US dollar weakness. But if US inflation data is good this evening then it will strengthen US dollar and weighed on oil prices. Resistance is expected to move in the range of $ 50.70 - $ 51.20, whereas if the price drops will move in the range of $ 49,70- $ 49.20.

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Crude oil prices rose on Wednesday afternoon (19/10) in Asian session, boosted by reports of a drop in US crude inventories and OPEC statement said the planned production cuts will be achieved. West Texas Intermediate (WTI) traded at $ 50.75 a barrel, up 46 cents, or 0.91 percent while the price of Brent was at $ 52.13 a barrel, up 45 cents, or 0.87 percent.

 

Crude inventories fell 3.8 million barrels in the week to October 14, becoming 467.1 million barrels, the API reported on Tuesday. Traders said oil's rise was also supported by Mohammed Barkindo, secretary general of the Organization of Petroleum Exporting Countries (OPEC), which expressed confidence about prospects for the planned production cuts following an OPEC meeting on November 30. Barkindo optimistic production cut deal will be reached.

 

The group is hoping that non-OPEC producers, particularly Russia, will cooperate in the production restrictions. Tonight will be released weekly crude inventory data by the US EIA which indicated a decline in US crude inventories.

 

Analyst estimates that the price of crude oil at the next trade is projected to rise by a decrease in crude oil inventories and OPEC production cuts optimism. Price Resistance is expected to move in the range of $ 51.25 - $ 51.75, whereas if the price drops will move in the range of $ 50,25- $ 49.75