Market News NYMEX crude oil short-term look at US$69.70
NYMEX crude oil short-term look at US$69.70
On September 20, international oil prices fell, continuing the decline of the previous trading day due to the increase in the number of drilling rigs in the United States, although nearly a quarter of the U.S. Gulf of Mexico output was still suspended after the two hurricanes. NYMEX crude oil looks at US$69.70 in the short-term.
2021-09-20
7487
On Monday (September 20), international oil prices fell, continuing the decline of the previous trading day, due to the increase in the number of US drilling rigs, although nearly a quarter of the output of the US Gulf of Mexico after the two hurricanes is still in a state of suspension. NYMEX crude oil looks at US$69.70 in the short-term.
GMT+8 13:49, NYMEX crude oil futures fell 0.71% to 71.31 US dollars / barrel; ICE Brent crude oil futures fell 0.58% to 74.90 US dollars / barrel. The two markets closed down 0.76% and 0.24% respectively on the previous day
The dollar continues to strengthen sharply, which also limits the rise in dollar-denominated assets. The dollar index jumped to a four-week high of 93.356.
OANDA analyst Edward Moya said in a report: "US crude oil may consolidate in the next few trading days until the dollar trend trajectory becomes clearer."
The increase in the number of drilling rigs in the United States has also suppressed oil prices. Baker Hughes said on Friday (September 17) that in the week ending September 17, the number of oil and gas rigs increased by 9 to 512, the highest since April 2020, which was this time last year. double.
On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74, and the recent resistance above it looks to the 23.6% target at $78.37. On the hourly chart, oil prices are in a downward ((ii)) wave starting from US$73.14 and hitting ((ii)) the 38.2% Fibonacci retracement level of US$71.01. The market outlook is expected to further slide towards the 50% Fibonacci retracement. The stall is $69.70. Waves (i) and (ii) are three upward waves that started from $67.58.
GMT+8 13:49, NYMEX crude oil futures fell 0.71% to 71.31 US dollars / barrel; ICE Brent crude oil futures fell 0.58% to 74.90 US dollars / barrel. The two markets closed down 0.76% and 0.24% respectively on the previous day
The dollar continues to strengthen sharply, which also limits the rise in dollar-denominated assets. The dollar index jumped to a four-week high of 93.356.
OANDA analyst Edward Moya said in a report: "US crude oil may consolidate in the next few trading days until the dollar trend trajectory becomes clearer."
The increase in the number of drilling rigs in the United States has also suppressed oil prices. Baker Hughes said on Friday (September 17) that in the week ending September 17, the number of oil and gas rigs increased by 9 to 512, the highest since April 2020, which was this time last year. double.
On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74, and the recent resistance above it looks to the 23.6% target at $78.37. On the hourly chart, oil prices are in a downward ((ii)) wave starting from US$73.14 and hitting ((ii)) the 38.2% Fibonacci retracement level of US$71.01. The market outlook is expected to further slide towards the 50% Fibonacci retracement. The stall is $69.70. Waves (i) and (ii) are three upward waves that started from $67.58.
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