Oil market updates on October 9
Heads up to the release of weekly crude oil inventories at 17:30 MT!
Crude's prices fall on the inventories' release
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels. The output rose by 2.4 million barrels (vs. the expected decline by 2.9 million).
- The price for WTI tested June's support at $50.72. If this level is broken, the price will be vulnerable to the fall towards the $50 level. After the break of that support, pay attention to the $48.46 level. From the upside, the key resistance levels lie at $53.30-$53.73, $54.4 and $55.6.
- Brent slid to the support at $55.53. If this level is broken, it will increase the chance of reaching the $54.70 level. After that, the January's lows at $52.8 will be in focus. If the $55.53 level is rejected, bulls will push the price for Brent towards the resistance at $59.13. The next one will be placed at $60.4.
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Update for oil market
Crude oil inventories will be out at 17:30 MT time
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