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11 October 2018

Forex Technical analysis Fundamental analysis

Crude Oil Price Drops Further: Challenges $72 Mark

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GKFX – Crude oil prices are on the defensive for another session on Thursday, dropping and testing the key support at the $72.00 handle for the time being.

WTI Prices Drop Further

Prices of the West Texas Intermediate are down for the second session in a row today following increasing concerns over the US-China trade dispute and the sharp sell-off in the US stocks markets on Wednesday.

In addition, the American Petroleum Institute reported late on Wednesday a 9.75M barrels build in US crude oil stockpiles, more than estimated and also collaborating with the downbeat sentiment.

Further news in the oil-universe, OPEC’s Barkindo said oil markets have been reacting to potential supply shortages.

Looking ahead, US CPI figures for the month of September will keep the attention on the buck ahead of the DoE’s weekly report on US crude oil inventories.

WTI Significant Levels

At the moment the barrel of WTI is down 0.74% at $72.17 and a breach of $70.20 (55-day SMA) would aim for $69.65 (100-day SMA) and then $67.23 (low Sep.7). On the flip side, the next up barrier aligns at $74.51 (10-day SMA) seconded by $75.41 (high Oct.9) and finally $77.12 (2018 high Oct.3).

Disclaimer

This article was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

EIA WTI crude oil price OPEC
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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