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Prices Lower But Rose Strongly In September

OIL

Oil prices fell around 1% on Friday after they lost earlier gains as the greenback restrengthened. The continued tightness in the market provided support. The USD index finished slightly lower.

  • WTI fell 1% to close at $90.77/bbl well off the intraday high of $93.10. It has started the week stronger at $91.10. Support is at $88.19, the September 26 low. WTI rose 9.4% in September and is 28.6% higher since June 30.
  • Brent fell 1.1% to finish at $92.07. It reached a high of $94.13 before falling to a low of $91.96. $92 provided support. Resistance is at $95.35, September 28 high, while key support is at $90.41, September 26 low. Brent rose 6.8% in September to be up 23% since end of June.
  • US crude output rose to its second highest level in July due to the Permian Basin in Texas, while demand was lower on the month it was still up on July last year, according to EIA data. The US rig count fell by 7 in the latest week, according to Baker Hughes.
  • CFTC net oil positions rose to 350.1k from 328.4k.

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