WTI Crude Oil Prices Flashing Green as OPEC Hints at Deeper Cuts - Forex News by FX Leaders
WTI Crude Oil - 4 Hour Chart

WTI Crude Oil Prices Flashing Green as OPEC Hints at Deeper Cuts

Posted Wednesday, October 16, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices surged as OPEC indicates a deeper cut in stockpiles, and investors expect the potential Brexit deal between Britain and the Europan Union. However, gains were limited due to constant concerns of a global economic recession.
Meanwhile, news of a blast at Saudi Arabia’s Sasref refinery was cited as a tailwind for crude oil prices. The reason behind the explosion was a gas leak, but this renewed worries over supply disruptions after the September 14 attack on the kingdom’s massive Abqaiq oil processing facility that temporarily knocked out half of daily world crude production.
China now wants the United States to reduce tariffs before singing the purchase of $50 billion of American agriculture products under the phase one trade deal touted by US President Donald Trump.
China warned the United States over its interference in its internal matters and also gave a warning against the United States policy.

WTI Crude Oil  - 4 Hour Chart


Daily Support and Resistance
S3 50.35
S2 51.73
S1 52.38
Pivot Point 53.11
R1 53.75
R2 54.48
R3 55.86

WTI Crude Oil – Forex Trading Signal

Fellas, the crude oil prices are stuck within a narrow range of 53.7 – 52.50. We may see choppy sessions if prices hold within this range; elsewhere, the violation of support 52.60 can extend bearish rally until 51.24.
Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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