Crude oil slumped in Asia after witnessing good buying in last session. WTI Crude futures added 2% to $40 per barrel. Norwegian oil workers plan to expand their ongoing strike from October 10 onwards, Norway’s state-appointed wage mediator said on Tuesday. Six offshore oil and gas fields closed down on Monday as the Lederne labour union ramped up its strike, reducing output by around 330,000 barrels of oil equivalent per day, according to the Norwegian Oil and Gas Association (NOG).
Oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks. President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for his pandemic-hit country with the U.S. presidential election only weeks away. Price were also pressured by data from the American Petroleum Institute showing U.S. crude oil stocks rose by 951,000 barrels last week-more than expected. Energy companies were busy securing offshore production platforms and evacuating workers on Tuesday, some for the sixth time this year, as Hurricane Delta took aim at U.S. oil production in the Gulf of Mexico, which accounts for 17% of total U.S. crude oil output. An expanding strike by workers in Norway, which shut six offshore oil and gas fields, also helped prices. The Norway strike will cut the country’s total output capacity by just over 330,000 barrels of oil equivalent per day, or about 8% of total production, according to the Norwegian Oil and Gas Association.
TREND : BULLISH
Time : 07/10/2020
Pivot : 39.94
Technical View : LONG ABOVE 40.14
Target : 40.34, 40.19, 41.71, 42.51
Technical View : SHORT BELOW 39.74
Target : 39.54, 38.89, 38.18, 37.28