WTI (oil futures on NYMEX) once again found support near the $ 69.60 region, as the bulls to regain control, now pushing the prices to take-out the 70 level. Should traders expect further decline? What does the 3 September WTI Crude Oil Price Technical Forecast show?
3 September, Swissquote – Mounting supply disruption concerns from additional US sanctions on Iran (OPEC’s no. 3 oil exporter) in November, targeting its oil sector, continue to buoy the sentiment around the black gold.
Also, the barrel of WTI cheered the reports showing that the Russian output steadied in August after the jump seen in July. Russia halts oil-output boost after July jump – Bloomberg
However, a broadly firmer US dollar amid fragile risk appetite, in the wake of global trade war fears and Emerging Markets (EM) woes, could cap the renewed uptick in oil prices. A stronger US dollar makes the USD-denominated oil more expensive for the foreign buyers.
Attention now turns towards the weekly US fuel stocks report due later this week for the next direction on the prices.
WTI Crude Oil Price Technical Forecast
The Swissquote Bank Research Team, explains
“Short positions below 70.00 with targets at 69.35 & 68.95 in extension. Above 70.00 looks for further upside with 70.50 & 70.95 as targets. The RSI is bearish and calls for further decline.”
This article 3 September WTI Crude Oil Price Technical Forecast was provided by Swissquote. While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.
This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.