link to Brent price

link to WTl price

link to Exchange Rates

link to GBP/USD

link to GBP/EUR


Brent Crude & West Texas Light Charts..
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BP. and RDSB Charts.
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Gold and Cable Charts.
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Silver and Platinum Charts.
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GBP/USD
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GBP/EUR
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Stan - due to changes on MAM, I can only post a snapshot - not the live chart, but the link still works.

Oil Price Fundamental Weekly Forecast – Lower U.S. Production Key to Sustaining Rally - 19 hours ago By James Hyerczyk

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures put in a stellar performance last week. Profit-taking and short-covering gave the market a firm tone early in the week after a prolonged move down in time and price drove prices into their lowest level in 10-months the previous week.
At the mid-week, prices were supported by friendly U.S. production data and at the end of the week, a drop in the rig count helped send prices higher.

For the week, August West Texas Intermediate crude oil settled at $46.04, up $3.03 or +7.04% and September Brent crude oil closed at $48.77, up $3.02 or +6.60%.

Weekly September Brent Crude Oil
According to the U.S. Energy Information Administration, U.S. crude oil inventories edged up the week-ending June 23 while gasoline stocks decreased.

The EIA report showed crude inventories rose 118,000 compared with forecasts for a 2.6 million-barrel decrease, as imports rose 129,000 barrels per day and refinery runs fell 262,000 bpd.

The report also showed gasoline stocks fell 894,000 barrels, compared with expectations for a 583,000-barrel drop. However, current gasoline inventories of 241 million barrels remain about 7.5 percent higher than the seasonal average for stocks over the past five years.

Stocks at the Cushing, Oklahoma, futures delivery hub for U.S. crude fell 297,000 barrels, the EIA said.
Most importantly, U.S. production fell 100,000 bpd to 9.25 million bpd. And refinery utilization rates fell 1.5 percentage points to 92.5 percent of operable capacity, EIA data showed.

In other news, the U.S. Dollar fell to a multi-month low, making dollar-denominated crude oil less-expensive for foreign buyers. Money managers cut their net long U.S. crude futures and options positions in the week to June 27 to the lowest since late September, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Finally, U.S. drillers cut two oil rigs in the week to June 30, the total rig count of 756 is still more than double the count the same week a year ago, Banker Hughes said on Friday.


Weekly August West Texas Intermediate Crude OilForecast
The ingredients were there for a rally and investors responded by taking oil prices higher. Money managers had been cleared out of their net long positions, the dollar fell, the rig count declined and most of all, U.S. production dropped 100,000 bpd to 9.25 million bpd.

Technically, the objective this week for August WTI crude is $47.14 to $48.34. Since the trend is down on the weekly chart, sellers are likely to show up on a test of this zone. The sellers could be profit-takers or new shorts.
The key to sustaining the rally will be the U.S. production number. If the EIA report shows another drop in production then look for the rally to continue beyond $48.34. If production rises, prices will fall.

Thanks Skinny but your link won't work in my older browser (which I can't update for a while) so in the meantime can you put this site link up in the header please? http://www.exchangerates.org.uk/commodities/live-oil-prices.html

Done.

I can't see the link in the header where is it?

"link to Exchange Rates"

I thank you!

Texas light is currently at $47.05

Brent @$50.

£/€ lowest since last November.

POO
spiking up and now moving over yesterday's high

Oil hit two-month high on tighter U.S. market, Venezuela sanctions risk

BoE 'Super Thursday' looms as sterling trades near 10-month highs

Crude Oil Prices Stuck in a Triangle Consolidation - Aug 9, 2017 2:44 pm - Jeremy Wagner,

Crude oil prices have been range bound for the past year between $39 and $55. The model we are following suggests continued consolidation between these two price points over the coming months.

The Elliott Wave model we are following points towards a developing triangle formation for the past year. According to this model, prices are nearing the end of the fourth leg of the triangle (the ‘d’ leg). According to Elliott Wave theory, that would suggest another dip down the road that becomes a partial retracement of this June 2017 up trend. That final dip becomes the ‘e’ leg or the terminal wave of the triangle.



Crude Oil Prices Stuck in a Triangle Consolidation
This triangle pattern is valid so long as this current rise is contained under the 2017 high of $55.21 while holding above the June 2017 low of $42.08. Therefore, we are anticipating a dip to begin from slightly higher prices. This dip could work itself back towards the mid 40’s.

This triangle pattern as labeled is a bullish triangle. Once the triangle pattern exhausts, we are anticipating a bullish breakout to above $55.21. Therefore, since the consolidation appears to be a pause of the previous uptrend, trend traders may want to follow a buy the dip strategy.

Bottom line, look for the current rise in prices to give way to a partial retracement lower that digs towards the mid 40’s. A break below $42.08 will cause the current wave labeling to be invalid and we will reconsider the wave picture at that time. If the current labeling is correct, we are anticipating an eventual break above $55.21 that begins from the mid 40’s.

Not a pretty sight!

Some more bounce today as WTl price reaches $50 and moves over

OIL spiking up again and now $50.60
Much the same for Sterling

Brent Crude just touched $60pb

Brent @$60 earlier.