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Crude Oil Forecast And Technical Analysis October 26th

Crude Oil Forecast And Technical Analysis October 26th

Crude Oil Forecast And Technical Analysis October 26th

Global inventory levels are falling and demand is strong, but Brent has remained below $60 a barrel, partly due to concern the crude glut may grow again after March 2018, when the output reduction deal is due to end.

Brent crude oil spiked higher on Friday to trade above $60 a barrel for the first time in more than two years.

U.S. West Texas Intermediate crude CLc1, meanwhile, rose 46 cents, or 2.05 percent, to settle at a more than six-month high of $53.54, its highest close since April. West Texas Intermediate crude rose $1.17, or 2.2 percent, to $53.81 a barrel on Friday, near a almost eight-month high.

The positive trend in the oil sector has helped investor confidence in recent weeks, but additional oil from U.S. producers continues to present challenges within this more optimistic scenario. US crude rose 4.7 percent for the week.

On October 26, US crude oil (OIIL)(USL)(DBO) futures' implied volatility was 24.1%.

The market rejoiced this week as the oil price hit a new high.

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"What is interesting is that the pop in WTI futures moved above the September 28 high", said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington.

Traders say today's move is driven mostly by currency markets, with the dollar whipsawed by a report that Pres. Trump is leaning towards Jerome Powell as the next Fed chairman. That puts United States supply around 9.5 million barrels a day.

At last check, Brent +1% at $59.90/bbl and WTI +1.5% at $53.44/bbl.

"If OPEC and their non-OPEC partners can agree to extend their production curtailments through 2018, then we estimate the oil market will remain in modest under-supply until 2019", USA investment bank Jefferies said.

The original agreement, struck almost a year ago between OPEC and 10 other non-OPEC countries led by Russian Federation, was to cut production by 1.8 million barrels a day for six months.

Rising U.S. crude production remains an issue for OPEC as it strives to clear a global overhang. While demand has yet to catch up to elevated supplies, rebounding economies in Europe and steady economic growth in the US could at least keep oil prices steady around current levels in the second half of 2017.

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