OctaFX | OctaFX Forex Broker
Open trading account
Back

Crude oil settles slightly higher after volatile day

FXStreet (Córdoba) - Crude oil prices traded in a roller-coaster this Monday, with WTI crude oil futures declining down to $40.39 at the beginning of the day, before bouncing sharply higher, up to $42.73. The bounce was underpinned by news coming from Saudi Arabia, as the government stated that it is willing to cooperate with non-OPEC crude producing countries and is ready to do whatever it takes to help stabilize the oil market.

The commodity has consistently found buyers around the 40.00 psychological figure, but intraday gains are unable to hold beyond the 42.00 level since mid this month. WTI settled slightly lower at $41.75 a barrel, down 0.4% on the day.

WTI technical perspective

“The daily chart shows that the commodity remains well below a bearish 20 SMA and with the technical indicators barely correcting higher well below their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the price is hovering around a horizontal 20 SMA, whilst the technical indicators have turned lower around their mid-lines, lacking clear directional strength at the time being”.

Support levels: 41.20 40.10 39.20 Resistance levels: 42.50 43.10 43.90.

Gold ends lower amid dollar strength

Broad dollar strength maintains gold prices near multi-year lows, with spot down to $1,066.59 this Monday. The American currency started the week with a strong footing as San Francisco Fed President John Williams, reiterated over the weekend that the central bank is willing to raise its interest rates in December.
Read more Previous

GBP/CAD edges lower as loonie strengthens

Oil strength sent the GBP/CAD cross towards the base of its recent range around, down to a daily low of 2.0190 as crude surged on Saudi Arabia's government statement, pledging to do whatever it takes to stabilize the oil market.
Read more Next
Start livechat