Crude Oil Trades Under $70 As Saudi Arabia Plans to Increase Output!

Crude can find support at $69 and $68.85. While the resistance prevails at $69.35 and $69.75. As per Stochastic and RSI


The WTI crude oil rose higher to test $69.85 but failed to break above this level. It’s mostly due to the fact the demand for crude oil has dropped over the US-China trade war.

Today, the oil prices got boosted by nervousness over a worsening diplomatic crisis between Saudi Arabia and the West, just two weeks before US sanctions likely drown off Iranian crude supplies.

In addition to this, the US sanctions on Iran’s oil sector start on November 4 and as per the market sentiment, up to 1.5 million bpd in supply could be at risk. As a result, crude oil may show an additional buying in upcoming days.

At the moment, crude can find support at $69 and $68.85, while the resistance prevails at $69.35 and $69.75. As per Stochastic and RSI, crude oil is holding in a selling zone which may cause further selling until $68.75 today.

Support Resistance
68.81 70.08
68.08 70.62
66.81 71.89
Key Trading Level: 69.35

Crude Oil – Trading Plan
Traders, today we need to stay bearish below $69.35 with a stop above $69.65 and a take profit near $69 and $68.75. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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