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Crude ends the month 10% lower

FXStreet (Córdoba) - Crude oil prices started the week with a positive tone but turned lower during the second half of the session, with WTI futures closing flat around $41.60 a barrel.

There were no catalysts beyond the intraday moves, but continued concerns over a worldwide supply glut ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting on Friday. Although most analysts expect the OPEC to maintain its production strategy unchanged, the door is still open as some members have vowed to cut production to help a price recovery.

Over the month, crude prices have lost more than 10% as the dominant bearish trend remains in place.

WTI technical view

“The daily chart for the commodity shows that the price was capped again by selling interest around a bearish 20 SMA, whilst the technical indicators diverge from each other around their mid-lines, failing to offer a clear outlook”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is below its 20 SMA whilst the technical indicators remain well below their mid-lines, as the commodity stands near its daily lows, all of which favors another leg south on a break below 41.20, the immediate support”.

Support levels: 41.20 40.60 40.00. Resistance levels: 42.30 42.80 43.40.

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