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6 November 2024,02:16
Trade Of The Day
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6 November 2024, 02:16
* Raging Rafael: Oil prices have surged amid expected supply disruptions in the U.S. as Tropical Storm Rafael moves toward the Gulf of Mexico. Projections suggest Rafael could intensify into a category 2 hurricane, potentially halting up to 4 million barrels of U.S. oil production this week. Major energy companies have started to respond, pausing offshore operations and evacuating staff. Furthermore, the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ partners have postponed their scheduled production increase from December, citing weak demand and a rise in non-OPEC supply that could impact market balance.
* Technical Breakout: Crude oil price was traded higher while currently testing the resistance level 71.75. MACD which illustrate bullish bias signal suggest the commodity to likely further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 75.50 after it breaks above the level 71.75. Conversely, a potential reversal is also to be expected and the price could head back towards 67.55.
Looking ahead, attention now turns to this week’s U.S. presidential election, where Democratic candidate Kamala Harris and Republican nominee Donald Trump are in a tight race across seven key battleground states, with just days remaining before the vote.
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Stay updated on US data, updates on the U.S. Presidential Election, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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