WTI Crude Oil Speaking Factors:Crude oil prices put in an aggressive sell-off of virtually 20% from mid-September into early-Octo
WTI Crude Oil Speaking Factors:
- Crude oil prices put in an aggressive sell-off of virtually 20% from mid-September into early-October.
- A assist zone that’s held the lows for the previous 4 months has come again into play and has presently helped to stem the bleeding. However, can it maintain?
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Crude oil costs have been mired by a brutal sell-off over the previous few weeks. After an preliminary flare of strength following the drone attack in Saudi Arabia earlier in September, resistance caught mid-month and sellers drove for the subsequent three weeks to provide a peak-to-trough transfer of greater than 19%.
Early-October lastly produced a little bit of respite in that theme after an enormous zone of long-term assist got here into play. My colleague Michael Boutros mentioned this yesterday within the article entitled, Oil Price Outlook: Crude Collapses into Critical Support. That zone has now held assist for an almost per week after first being re-encroached upon final Thursday.
WTI Crude Oil Eight Hour Worth Chart
