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UK Oil - Rises Steadily towards Key $63 Level on Trade Wars Optimism

 

 
In the last week or so, UK Oil has moved higher back above the key $60 level looking higher towards another key level in $63, before easing a little in the last 24 hours. It has now traded between $58 and $63 for the most part of the last two months as it looks likely to test the resistance at $63 again. Prior to its recent steady move higher it had fell sharply from a three month high above another key level in $68 which has provided some resistance in the last three months, which it reached after an incredible surge higher.
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EIA United States Crude Oil Stocks Change

Today at 3:30pm UK time. The EIA Crude Oil Stocks Change Indicator measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices. F: 2.015 M, P: 9.281 M. #UK Oil may retest $60

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UK Oil - Settles Below Key $60 Level on Trade Deal Caution

 

 
In the last week or so, UK Oil has edged higher back above the key $60 level before dropping back below to start this week. It has now traded between $58 and $60 for the most part of the last two weeks after falling sharply back to this popular trading range in the three weeks prior. This fall started from a three month high above another key level in $68 which has provided some resistance in the last three months, which it reached after an incredible surge higher.
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Valutrades Market Blast Technicals 8 October 2019

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