Home Gold News Oil Prices Dropped For a Second Straight Session

Oil Prices Dropped For a Second Straight Session

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Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end. Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.In the United States, Hurricane Delta, which dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, was downgraded to a post-tropical cyclone by Sunday.

TREND : WEAK BEARISH

Time                                      :           12/10/2020

Pivot                                     :           40.83

Technical View                     :           LONG ABOVE 41.03

Target                                   :           41.23, 41.43, 41.95, 42.39

Technical View                      :           SHORT BELOW 40.63

Target                                   :           40.43, 40.05, 39.71, 39.08

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