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The rise of gasoline contracts supports oil to reach its levels in two months

2017-07-28 12:04 pm | Resource: News section | No Views : 603

The rise of US gasoline contracts supports crude oil prices to reach a two-month high. The sharp fall in US crude oil inventories and the promises made by OPEC members that exports will be cut also boosted the oil rally.

As the WTI crude contract rose 0.6% or 29 cents to $ 49.04 a barrel at the settlement. Brent crude oil prices rose 1.02%, 52 cents to $ 51.49 at the settlement.

US gasoline contract prices are the highest percentage increase in petroleum products, after rising 1.7%.

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OIL Technical analysis 15 October 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to press the oil to drop below level of  70.49 Forming a positive candlestick pattern   In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery Accordingly, we expect that the oil will break above the 72.21 level to test levels of  72.73…

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