Crude Oil Forecast: Investor and traders were thinking that the oil was going to continue to rise in the countdown to the November 4 Iran sanctions and, of course, it has been just the opposite with oil now down 16% from the October 3 peak at $64.64 Per Barrel.
Oil Prices Fell in a volatile session on Friday, posting worst monthly performance since July 2016. US WTI CRUDE Traded lowest at 64.64 on 1st November 2018
Benchmark Brent crude oil fell 44 cents at $75.47 a barrel, ending October down nearly 9 percent. Oil Following the trend of stock markets in October 2018 slumps most in 2018
According to the data released by the US EIA, oil inventories were increased by 3.22 million barrels in the week ended October 26, less than forecasts for an over 4 million barrels increase. Earlier, US crude stockpiles had increased more than expected on five successive weeks.
A report released by the American Petroleum Institute on Tuesday showed US crude supplies rose by 5.7 million barrels last week, more than analyst forecasts for a 4.1 million-barrel build.
Meanwhile, with US sanctions on Iranian oil exports set to commence this Sunday, the market is waiting to see as to what extent global supply will be impacted due to the loss of Iranian oil.
According to recent developments, Iran’s oil ministry started selling crude oil to private companies in the country for export, aiming to counter the sanctions.
Key Support and Resistance Levels to watch In Oil
|WTI CRUDE OIL||62||63.59||64.17||71.18||67.45||67.26|
After Analyzing Weekly Charts Our Team of Experts Says :
->Crude oil has touched it weekly trend line Support
->Next Major Support is at $62.00 Per barrel
->Rectangle Pattern Support
Our Expert is looking for trend Reversal in crude oil we will suggest traders and investors if they are long to put stop loss of $62. Next direction in oil we can expect after 4th November 2018 after us sanction on Iran in oil