WTI analysis Sunday 17/11/1400

Oil analysis Sunday 17/11/1400
6 November 2022

Oil has reached its highest level in seven years, above $ 93.00 per barrel, and has been rising for seven consecutive weeks.
On Friday, the market cattle reached a price of 93.68 with the price rising and breaking the resistance of 91, and oil has increased in price by 30% during this period.
Other factors that increased the price include:
1- American winter storm
Tensions between Russia, Ukraine and NATO
3- Conflict between China and Taiwan
4- Decrease in Iraqi production in January compared to the amount in OPEC
5- Storage of Kazakhstan products to reduce internal tensions

Upcoming resistances 93.60-95-100.70