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Crude Oil Price Forex Crude Oil Reviews 2021- Introduction to Forex

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Crude Oil Price Forex Crude Oil Reviews 2021- Introduction to Forex

Crude Oil Price Forex Crude Oil Reviews 2021- Introduction to Forex

We are with you with Expert Forex Crude Oil Reviews. Crude oil prices by forex years Considering; Crude oil prices, which were around $ 20 until 2000, started to rise after 2000. So much so that on July 1, 2008 it went up to $ 147. However, with the crisis in 2008, there has been a big drop in oil prices. With this decline, oil prices dropped to 30 dollars. Oil prices, which recovered with 2014, experienced a decrease again on February 3, 2016 and this time dropped below $ 30. However, when it comes to November 2020; Crude oil prices were being suppressed and rose to $ 42.97.

What is Crude Oil Definition?

Unprocessed oil, crude oil It is called. Looking at the word meaning of oil; It is a word that comes from Latin. Petra means stone and oleum means oil. Petroleum is its English equivalent. For centuries, crude oil has been processed and used in different ways. In the 19th century, the first oil refinery was established in Azerbaijan-Baku, and then crude oil started to be processed. Its processed form turns into products such as gasoline, diesel and diesel. It has a very important place economically.

Forex Crude Oil Reviews

What Affects Crude Oil Prices and Quality?

The quality of the oil extracted from underground has an effect on crude oil prices. The quality of the crude oil; varies according to the density and sulfur amount. It is also easier to refine petroleum with a lower density. In addition, the processed oil that comes out after refining is also high. In addition, oils with low density are called light oil. Refining costs are higher in high density oils.

When looking at the effect of sulfur amount in crude oil on quality; The low amount of sulfur increases the purity of the oil. For this reason, it is easier to separate. Therefore, refining costs are less for petroleum with less sulfur. Petroleum with low sulfur content is called sweet petroleum.

What are the Features of Brent Oil?

Brent oil is known as the most widely traded crude oil type in the world. Also known as British oil brent petrolIs extracted from the North Sea. It is a light and sweet type of oil because of its low density and low sulfur content. The name of Brent oil, which has a low refined cost, comes from its extraction from 5 separate layers. These layers are; Broom, Rannoch, Etieve, Ness and Tarbat. Although it is not considered as high quality as WTI, it is an oil with high prices. The reason for this is; It is easy and cheap to transfer to other countries. Because brent oil is extracted from the region between England and Norway and can be easily transferred to other regions by sea. The high demand makes the prices rise. Since an important part of crude oil transactions is done with brent oil, if an analysis is required about crude oil prices; Brent oil prices must be followed.

What is WTI Petrol and What are its Features?

WTI; It is short for West Texas Intermediate. It is known as the best quality crude oil variety in the world. Besides being light, it is a sweet petroleum. The amount of sulfur it contains is low. At the same time, its density is lower when compared to brent oil in terms of density. Although it is a quality type of oil, it is costly because it is extracted from the land and causes a decrease in demand. It is a preferred type of petroleum for gasoline and diesel production.

How Does WTI vs Brent Oil Compare?

Looking at crude oil types and prices; WTI and Brent oil are the most popular. Both types of crude oil are referred to as light and sweet oil. They are also ideal crude oil types for products such as gasoline and diesel. The comparison of WTI and Brent is as follows:

  • WTI is extracted from the USA. Brent, on the other hand, is a type of crude oil extracted from the North Sea.
  • WTI is mined from the Lousiana, North Dakota and Texas area. Brent oil extraction areas are; Forties, Osberg and Ekofisk.
  • Brent oil is a sweet and light oil. However, WTI is much sweeter and lighter.
  • API gravity for WTI is 39.6, API gravity for brent is 38.
  • The WTI oil content is 0.24%. The sulfur content of Brent oil is; It is 0.40%.
  • Since WTI is taken off land, it is disadvantageous in terms of transportation. However, brent oil is extracted from the sea and therefore it is more advantageous in transportation.

Crude Oil Price Analyzes & Expert Crude Oil Reviews

As the end of 2020 begins; Coronavirus also affects crude oil prices. Increasing number of cases, coming of new restrictions; It is one of the conditions that suppress oil. As of November, vaccine news started to increase and OPEC + allies stated that they would extend the supply cuts for another 3 months.  As the demand for oil decreases, oil prices are also suppressed. In addition, the unity between OPEC + countries has started to deteriorate, which is crude oil prices It causes him to retreat from the highest level in the last two months. At the end of November, WTI prices were $ 41.87, while brent oil prices were at $ 44.22.

Brent Oil Prices

Crude Oil Reviews

Crude Oil Reviews; Experts think that the rapid spread of the epidemic also creates a pressure on the demand for oil, as it upsets the markets. This is the reason why there is no strong course in oil prices. However, the news that after the incentive packages are stopped in the USA, that the support packages will be discussed again in order to combat the effects of the epidemic, the emergence of the news that the support packages will have a positive effect in terms of oil in the future. Therefore, the resistances for brent oil are predicted as $ 44.33, $ 44.57 and $ 44.87. Support points are; It is estimated at $ 44.02, $ 43.72 and $ 43.45.

Experts say that WTI oil has an upward trend parallel to brent oil. For WTI oil, it is thought that the level of $ 41.90 can be seen in the downward movements during the day. If it goes below this level; support is $ 41.67, $ 41.39 and $ 41.16. For possible rises, the resistance levels are shown at $ 42.18, $ 42.41 and $ 42.69.

Technical Analysis For WTI Petrol

WTI oil has been unable to exceed the $ 43.48 level since March and follows as resistance. As WTI prices exceed this level, the upward trend is expected to gain momentum. Support levels in downward movements; It is between 41.50 dollars and 40.50 dollars.

Technical Levels for Brent Oil

Looking at the 100-day moving average in Brent oil; It is seen that the level of $ 42.86 is watched as support. In case of downward movement; It is thought that the level of $ 41.90 will be followed. If upward movement is observed; It is thought that the $ 45.30 and $ 46.50 level will be in a position of resistance. Brent oil reviews are up to date Looking at what happened; These levels are resistance levels that have not been exceeded since March.

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