📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
Crude oil price trades with clear positivity to attack 88.70 and attempts to hold above it, which urges caution from the upcoming trading, as holding above this level will keep the correctional bearish scenario and push the price to attempt to regain the main bullish trend again, while the price needs to trade below 88.70 again to resume the bearish trend that its next target located at 86.60. The expected trading range for today is between 86.60 support and 89.50 resistance.
📊QUICK FUNDAMENTAL LOOK
Oil prices rose on Friday while heading for a 3% weekly profit on lower US supplies and expectations of improving Chinese fuel demand in the Golden Week holiday. US crude futures rose $1.31, or 1.43% to $93.02 a barrel. Brent November futures due today rose 88 cents or 0.92% to $96.26 a barrel, while Brent December futures rose 97 cents, or 1.04% to $94.07 a barrel. Prices were boosted by weaker US supplies as inventories at the Oklahoma's Ka-Shing stocks hit July 2022 highs.
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