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