Oil trims Friday’s losses

By FXStreet FXStreet (Córdoba) – Crude oil prices surged this Monday, with WTI futures erasing most of its Friday’s losses. News over the weekend showed that Saudi Arabia’s crude oil exports fell to 7.276 million barrels per day in July from 7.365 million bpd in June, fueling speculation of further decline in global crude production and therefore boosting prices.

WTI for October delivery settled around $ 46.50 a barrel by the end of the day, up around 3.80%.

WTI technical perspective

“Technically, the daily chart shows that the price is back above its 20 SMA, whilst the technical indicators also turned back higher and crossed their mid-lines towards the upside, not enough yet to confirm further advances as the commodity continues trading within its latest range”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price advanced above its moving averages that anyway lack directional strength, whilst the technical indicators hover around their mid-lines, reflecting the latest absence of a clear trend. At this point, further recoveries above 47.69, September 17th high, are required to confirm and advance towards the 50.00 figure”.

Support levels: 45.80 45.00 44.25. Resistance levels: 46.90 47.70 48.50.
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Source:: FX Street