Caution remains the keyword for oil traders this week as supply and demand dynamics play out.
After facing declines for three straight sessions, October West Texas Intermediate crude oil prices rebounded on Thursday. However, despite the greenback weakening and China's central bank pushing for economic recovery, the market is still poised to finish lower for the week. Key indicators reveal oil's volatile trajectory this week, impacted by multiple global factors.
The intermediate range is $95.40 to $64.42. The market is currently facing a challenge at its retracement zone at $79.91 to $83.57. A sustained move over the upper level at $83.57 will indicate the buying is getting stronger. A break back under $79.91 won’t change the trend, but it will be a sign of weakness, probably linked to profit-taking or demand concerns.
In the immediate future, oil is likely to hover around the key 50% level of $80, with numerous macroeconomic risks in play. China's next steps, the U.S.'s inventory dynamics, and OPEC+ decisions are paramount in shaping the short-term trajectory of oil prices. Should lower demand fears in the US and China increase then look for the market to trend lower under the 50% level at $79.91. This would open the door for a possible retracement into $74.29 to $71.96.
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Vietnam admits massive shortage of infosec prosWhich is a problem, because local orgs are leaking data and shadowy traders are cashing in
Læs mere »
Dan Och/Sculptor: pragmatic traders decline to second his emotions\n\t\t\tLet our global subject matter experts broaden your perspective with timely insights and opinions you\n\t\t\tcan’t find anywhere else.\n\t\t
Læs mere »
Shrewsbury Flower Show: Apology to traders stranded after bomb hoaxSome traders had to sleep under trees after Shrewsbury Flower Show was evacuated.
Læs mere »
Bewdley Bridge to close for flood prevention worksSome traders have expressed concern that shutting Bewdley Bridge to traffic will deter visitors.
Læs mere »
SWS Broadband connects traders at Minsterley ShowA Shropshire-based fibre broadband specialist is helping connect traders at one of the county’s oldest and most prestigious one day agricultural shows.
Læs mere »
Town council frustrated as Bridgnorth Cliff Railway repair work documents remain unsignedPermission to allow repair works to a damaged section of wall next to the cliff railway in Bridgnorth has still not been granted, the town council has said.
Læs mere »