Oil Is High Heading For The Weekend

Oil Is High Heading For The Weekend

Oil prices rose, heading for the weekend investors and traders who acquired either Brent or Crude Oil earlier, prepare to close their books for profit-taking.

WTI prices traded near 3-months highs helped by impressive US consumer purchases. Ranging from lows of 61.62 to highs at 61.97. Volatility will be abounding. 

 

All the delayed Oil reports will be released mostly during the US Trading Session. With the Baker Hughes Rig Count, the EIA, Energy Information Administration, announcing the number of US and global Oil rigs in operations during the previous week, the more Oil rigs recommissioned, Oil price may dip.  

 

The EIA’s report will shed light on weekly crude and gasoline inventories. Whereby, a draw may support an upward trajectory. 

 

If the US & China manage to seal a full deal. Crude Oil prices may breach the $ 62.25bbl. resistance level. In the meantime, the UK's FTSE 100 is supported. Even the CAD, took the USD, for a spin, the CAD/USD pair 0.20% up between 0.7620 - 0.7635 at the time of print 10:00 GMT.

Take Profit & Hedge.

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