Thursday, September 6, 2018

USOIL - 07 September 2018


Fundamental Highlights

WTI Crude oil has continued to extend declines despite a decrease in inventories by 4.4 million barrels from previous week. Actually, investors are now focused on the lack of progress being made on the NAFTA deal and are concerned that Trump has shelved negotiations with China after warning the US of retaliation if they added new tariffs.

Technical Analysis

Crude oil prices broke the $68.13 level to the downside reaching the $67 support area. Extreme oversold conditions have led the price to recover a bit, however it will find some difficulty to complete a decent recovery towards the $68.70 resistance level.

Support: 65.3 64.6
Resistance: 65.88 68.3

Chart (H1)