The Paris-based International Energy Agency (IEA) on Thursday warned that escalating trade dispute and EM currency slide pose a risk to growth. As a result, oil benchmarks fell sharply, neutralizing the immediate bullish outlook. Furthermore, China's Crude oil outlook rose for the first time since 2015 and the processing rate fell in August to its lowest since December, data shows. However, this push given for the Crude prices by the Asian market is capped by the fears the Washington might express its disagreement towards the elevated oil prices.
Crude oil prices are back below the $69 level as they lost momentum. The price is currently holding below the 69.1 level as the RSI points towards another downward move. The next level we will be focusing on is the $68 support level.
Support: 65.3 64.6
Resistance: 65.88 68.3