Oil testing lower as buyers flee for the hills, WTI dropping from $60.50

  • Crude barrels seen weakening further, WTI clipping into 60.45.
  • US sanctions on Iran can't keep crude costs buoyed as overproduction remains hefty from major players.

Broader oil markets continue to see steady declines, and WTI barrels have fallen by 20% in barely sick weeks.

With oil market now officially in "bear mode"m traders are continuing to fear a slowdown in global growth at the hands of US President Trump's trade war with China, but still-rising crude supply levels are also helping to see prices go further down the tubes, with both OPEC and US-led production numbers set to increase even further.

US Sanctions on Iran, which were initially thought to be the key driver of crude markets'' recent climb, but the sanctions came into effect this week and crude prices barely registered, with investors primarily concerned about the still-rising potential for a glut of global oversupply as the US, Russia, and  Saudi Arable look to expand production to make up for Iran's disappearance from global crude exchanges.

Iran's exports of oil are expected to hit 1.5 million barrels per day during a recently-announced oil waiver and exempted program for firms that wish to procure Iranian oil, further adding to the sharp drawdown on barrel costs as barrel production figures get slashed after Iran posts a 3 million  output figure at the halfway point 

Oil levels to watch

WTI

Overview:
    Last Price: 60.41
    Daily change: -29 pips
    Daily change: -0.478%
    Daily Open: 60.7
Trends:
    Daily SMA20: 65.81
    Daily SMA50: 69.59
    Daily SMA100: 68.87
    Daily SMA200: 68.52
Levels:
    Daily High: 60.76
    Daily Low: 60.66
    Weekly High: 67.73
    Weekly Low: 62.61
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 60.7
    Daily Fibonacci 61.8%: 60.72
    Daily Pivot Point S1: 60.65
    Daily Pivot Point S2: 60.61
    Daily Pivot Point S3: 60.55
    Daily Pivot Point R1: 60.75
    Daily Pivot Point R2: 60.81
    Daily Pivot Point R3: 60.85

 

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