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WTI crude oil futures settle at $37.66

November 3, 2020 by admin 0 Comments

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Up $0.85 or 2.31%

The WTI crude oil futures are settling at $37.62. That’s up $0.85 or 2.31%.

There are some conflicting news reports today impacting the price. One was Libya oil production has increased. On the positive side is that OPEC+ is looking toward extending cuts 6 months to offset potential demand declines due to Covid.

Technically, the price move back above the broken 38.2% retracement at $37.06. That level was also near price floors from September and October (between $36.93 and $37.11). Going forward staying above that area would be more positive for the contract.

This article was originally published by Forexlive.com. Read the original article here.