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Saudi cut Crude supply in September, WTI Crude gains1%

FXStreet (Mumbai) - WTI Crude prices have shot higher on news that Saudi Arabia, the world’s biggest crude exporter, reduced supply last month.

WTI Crude is trading 0.83% higher at USD 81.22/barrel, up from a low of USD 80.06 hit earlier today. The futures have recorded their biggest increase since Oct. 17 as Saudi Arabia reduced its daily supply by 328,000 barrels last month to 9.36 million barrels a day, from 9.69 million in August. Moreover, markets have been expecting the major players from the Organization of Petroleum Exporting Countries (OPEC) to cut their output in order to defend oil prices.

WTI Crude technical levels

WTI Crude has an immediate support at the day’s low of 80.06, below which prices can fall to 79.38 levels. On the other hand, prices may rise to 83.20 levels if the immediate resistance of 81.88 is breached.

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