Crude Oil Retreats Despite US Crude Oil Stocks Drop

Crude Oil prices retreat from recent highs today’s, trading 0.73% lower at $57.06 per barrel despite US crude oil stocks decreased by 6.9 million barrels for the week ending September 6. Crude Oil price rallied since the lows from August 7th at $50.74 up to $58.76 as the global growth concerns ease.

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On the technical side, the bullish crude oil momentum cancelled today as the pair breached the 100 day moving average. If the price closes convincingly below the 100-day moving average, it will pave the way for a test of the 200-day moving average at 56.18. On the upside crude oil immediate resistance stands at 58.30 daily high while more offers will emerge at 60.85 the highs from mid-July. Long positions in crude oil look safe as long as the price hovers above $57 per barrel.Download our latest quarterly market outlook for our longer-term trade ideas.

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