Riding the Oil Wave: Short-Term WTI Crude Outlook - August 7, 2023

Riding the Oil Wave: Short-Term WTI Crude Outlook - August 7, 2023

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3 views 7 Aug 2023 #CrudeOil #OilMarket #Commodities 🎥 Speaker：Daniel Ang | 📺 YouTube：Everything Trading Platform 📈 Crude oil rallied for the 6th consecutive week due to Saudi Arabia extending its production cut until the end of September and Russia announcing a production cut of 300,000 barrels per day in September. 🛢️💪 📊 October Brent oil futures closed at $86.24, up 1.29% last Friday, while September WTI crude oil futures closed at $82.82, up 1.56%, reaching an intraday high at $83.24/bbl. 📈💰 💡 The fundamental outlook for crude oil remains strong due to the production cuts, but technically, prices are approaching key swing highs in both Brent and WTI crude. ⚙️💼 📅 In mid-April, Brent crude's high was at $87.49, and WTI reached a high of $83.53 on April 12. 🗓️📈 🤔 There is a possibility that crude oil may test these swing highs, followed by a deceptive move to the downside, as crude oil is known for such false moves at key swing highs and lows. ⚠️🎢 Keep an eye on our platform for regular updates and analysis on market trends, helping you navigate the complexities of the financial landscape. Remember, the key to successful trading is staying informed and adapting your strategies to the ever-changing market conditions. Stay tuned for more valuable insights from Daniel Ang and our expert team. Let's stay informed and watch the oil market closely! 🕵️‍♂️💡 #CrudeOil #OilMarket #Commodities #Trading #Investment #Energy #MarketUpdate