U.S. EIA crude stocks rose 5.702 million barrels in the week ended Oct. 25, far more than anticipated. In the absence of substantial production cuts, oil costs are under pressure. And as the writer has previously pointed out, despite the decline in drilling, U.S. Crude oil production continues at a record high. The analysis stated that as the maintenance season gradually passed, U.S. Refineries began to take up work, crude oil production increased. But next month’s Saudi Aramco IPO will limit the price of oil to a certain extent. Technically, it’s still a volatile movement. The large range is $50.5-60. Short-term support 54, strong support 53 dollars. Pressure $56, $56.5.
Today’s Oil Trading Strategy Recommendations:
Oil: 54 Buy, 53.5 Stop Loss, 55 Take Profit