• Forex
  • Investments
  • Loyalty program
  • Promotions and contests
  • Analysis
  • Getting started
  • About us

Oil reaches key resistance level

On Friday, September 10, oil prices staged a robust recovery after Thursday’s pullback. The reason for this was that a new hurricane formed in the Atlantic Ocean, posing another threat to oil facilities on the Gulf of Mexico. After dropping to $70.6/bbl, Brent rallied to $72.7/bbl and ending Friday near $72.4bbl.

Oilfield services company Baker Hughes released its weekly report on Friday evening. The report showed that the US rig count rose to 401, up from 394 a week earlier. It was this report that capped upside in oil prices at the close of the week.

On Monday, Brent gapped upward from $72.9/bbl. After dropping to $72.6/bbl in the morning, price action climbed to $73.1 by midday. The likely trading range for Brent for the rest of the day is $72.40-$73.44. The medium-term range for Brent crude dropped to $70.52-$73.44. In case the $73.44 resistance level is breached, the next upside target will be $75.48/bbl.

To remind, the weekly API inventory report is due out on Tuesday evening. In the previous week, crude oil stockpiles fell by 2.8 mln bbl.

Latest reviews

Everyone has the chance to make a profit

You don't need to trade on your own to make a profit. Make a profit by entrusting your funds to experienced traders!

Register

There's a better website for you

A new exciting website with services that better suit your location has recently launched!

Sign up here to collect your 30% Welcome Bonus.