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WTI Crude reverses trend, falls 2%

FXStreet (Mumbai) - WTI Crude Oil declined today as markets gained more clarity over Saudi’s Crude policy.

WTI Crude is trading 2% down at USD 80.44/barrels, down from a high of USD 82.37/barrel. Moreover, Saudi Arabia ‘s crude oil production increased in September, even though the supply was reduced. The sell-off in crude prices indicates that markets are more interested in seeing an actual cut in the crude oil production.

Crude prices also came under pressure after a first case of Ebola was confirmed in the US, which sparked fresh concerns over the spread of the virus. Moreover, Risk assets across the globe came under pressure today due to the Ebola concerns.

WTI Crude Technical levels

WTI crude has an immediate support of 80.05, below which prices can fall to 79.38 levels. Meanwhile, prices may rise to 82.36 levels if the immediate resistance of 81.17 is breached.

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