Oil headed for its best week since early July, despite stumbling ahead of U.S. jobs numbers that are expected to paint a gloomy picture of the labor market in the world’s biggest economy. Still, U.S. crude futures are up more than 4% on the week, lifted by a further decline in American oil stockpiles. Iraq will cut production in August by an additional 400,000 barrels a day to compensate for missing its production target in previous months, the state oil-marketing organization Somo said Thursday.
The move comes as Saudi Arabia cut pricing to Asia and Europe less than expected and left prices for the U.S. unchanged at the highest levels in months. Saudi Arabia’s state oil giant Aramco cut its September official selling prices (OSPs) for its Arab light crude for deliveries to Asia by 30 cents a barrel from August, and left its prices to the US unchanged from the previous month. This lent strength to the market, quelling concerns that the producer could slash prices, spiking another price war.
TREND : WEAK BEARISH / SIDEWAYS
Time : 07/08/2020
Pivot : 42.02
Technical View : LONG ABOVE 42.22
Target : 42.42, 42.58, 43.11, 43.51
Technical View : SHORT BELOW 41.82
Target : 41.62, 41.25, 40.94, 40.32