Home Gold News Crude Oil Rose On Monday As a Twin Storm Front Threat

Crude Oil Rose On Monday As a Twin Storm Front Threat

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Crude oil prices nudged higher on Monday as storms bore down on the Gulf of Mexico, shutting more than half the region’s oil production, although gains were capped by ongoing concerns about demand from coronavirus lockdowns. Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico on Sunday, forcing energy companies to pull workers from offshore platforms and shut down oil production. Oil producers had shut 58% of the Gulf’s offshore oil production and 45% of natural gas production on Sunday. The region accounts for 17% of total U.S. oil production and 5% of U.S. natural gas output .Also supporting prices was areport by members of the Organization of the Petroleum Exporting Countries and other oil powers including Russia, that oil producing countries in the OPEC+ group that pumped above supply targets from May to July will need to slash output by over a millionbarrels per day for two months to compensate.

TREND : WEAK BULLISH

Time                                      :           24/08/2020

Pivot                                      :           42.42

Technical View                     :             LONG ABOVE 42.62

Target                                   :            42.72, 42.82, 42.89, 43.07

Technical View                     :             SHORT BELOW 42.22

Target                                   :            42.02, 41.95, 41.68

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