Commodities Analysis by Investing.com (Barani Krishnan) covering: US Dollar Index Futures, Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Those long crude seemed encouraged by the Saudi-Russian bid to keep up with production cuts till the year end
But gains were minimal, with recent pressure to the downside still evident after last week’s 6% drop that extended October’s near 11% slump. Some reports on the war could be seen as positive for crude, with Israel continuing to reject calls for a ceasefire, and Russian mercenary group Wagner planning to provide Hezbollah with air defense systems.Sunil Kumar Dixit, chief technical strategist at SKCharting.com, said, referring to US crude’s West Texas Intermediate, or WTI, benchmark:
On the flip side, support above the 100-day SMA of $81.70 will ease upward mobility towards the 4-Hour 50 EMA, or Exponential Moving Average, of $82.90 and the psychological handle at $83 — which could progress to $83.70 and $84.50 — Dixit said.
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