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Free AccessPrices Lower But Rose Strongly In September
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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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.