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CRUDE October 8 - 12 Outlook

Release Time:2018-10-08 02:05

Market Commentary

U.S. sanctions on Iran are widely expected to lead to a tighter market. Iran is the third-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC), supplying around 2.5 million barrels per day (bpd) of crude and condensate to markets this year, equivalent to around 2.5% of global consumption. Many analysts say they expect Iranian exports to drop by around 1 million bpd once sanctions kick in. Washington wants to cut Iran's oil exports to zero to put pressure on Tehran to renegotiate a nuclear deal.

Technical Commentary

77 was a Strong resistance. It corrected from that level. To show real strength it must give a weekly close above 76. However buy on dips is the strategy for now till it stays above 72.

MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 72.5-70.5-68.5 -66.7-64.2-63.5-61.5-58.66

MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 77-78.9-80.7-82.5