Oil market updates on October 9
Heads up to the release of weekly crude oil inventories at 17:30 MT!
Prices for oil rise
The price for WTI has risen to its highest levels since the beginning of May. Bulls are trying to keep it above the weekly pivot resistance at $63.07. The next resistance lies at $64.44. If bears take over the market, the will pull the price for crude to the support at $61.54.
Brent, in its turn, has been targeting the resistance at $73.4. The next resistance is placed at $74. If bearish pressure increases, the first support will be placed at $70.9.
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Update for oil market
Crude oil inventories will be out at 17:30 MT time
Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
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