Crude oil prices continued its falling stick yesterday as per latest crude oil news. Prices dropped nearly one and half percent amid easing worries about potential supply disruptions from the Middle East conflict and on data showing rising output from OPEC and the United States.
Brent crude futures for December delivery, settled at $85.49 a barrel down 1.24%. The more heavily traded January contract fell $1.33, or 1.4% to $85.02. U.S. West Texas Intermediate crude for December delivery fell 1.49%, to $81.31, while those for January delivery fell $1.18 to $80.50 as per the latest crude oil news coming in.
A Hamas spokesman said it will release a number of foreign captives in the coming days. OPEC crude output rose by 180,000 barrels per day (bpd) in October, according to a Reuters survey, driven principally by Nigeria and Angola.
U.S. field production of crude oil also rose to a new monthly record in August at 13.05 million barrels per day, the Energy Information Administration said. Adding to this, weaker disappointing manufacturing and non-manufacturing activity data in China stoked fears of slowing fuel demand from the world’s No. 2 oil consumer.
Slow global economic growth will keep crude prices anchored below $90 a barrel this year and next, unless the Israel-Hamas conflict draws in more countries in the Middle East and exacerbates supply tightness, a Reuters poll showed on Tuesday.
Looking ahead to a U.S. Federal Reserve meeting outcome and EIA inventories data is due later today, which will add volatility in the prices.
Crude Oil News | Technical Outlook
US crude oil witnessed nearly 4% fall. Prices continued to trade in negative territory since 20 October 2023. Drop from the peak of $89.82 to yesterday’s low of $80.79.00.
As per outlook given on 25 October 2023, a three black crows candlestick pattern was proven accurate. Prices hit both predicted levels of $82.25-$81.16.00.
On the above chart, a cluster of long bearish candlestick patterns is still indicating bearishness in the near future. However, Prices trading at a very crucial level $80.55, coincided with 100 SMA. And a break below will extend fall towards $79.10-$77.25-$76.25.
Alternatively, on the upside massive resistance is seen at $83.35 above it $85.35-$86.55.
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