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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: -0.193 M, P: 3.104 M. #UK Oil may test 60.

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Market Recap: 30 September - 4 October

 

 
On Tuesday last week we covered UK Oil which spent the rest of the week drifting lower before reversing and moving back above the key $58 level. In the last three weeks UK Oil has fallen sharply back to its popular trading range between the key levels of $58 and $60. 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. Just prior to the surge it has eased back towards the key $60 level, as throughout most of August UK Oil traded within a narrow range mainly between $58 and $60 with the former level providing some support, which it is doing again now.
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UK Oil - Drops Sharply Below Key $60 Level on Saudi Output Recovery

 

 
The last two weeks has seen UK Oil fall sharply back to its popular trading range between the key levels of $58 and $60. 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. Just prior to the surge it has eased back towards the key $60 level, as throughout most of August UK Oil traded within a narrow range mainly between $58 and $60 with the former level providing some support.
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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: -6.501 M, P: 1.058 M. #UKOil may test 68.

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Monday 23rd September

 

 
On Tuesday last week we covered UK Oil which spent the rest of the week on a wild ride moving from its three month high down to the key $63 level. To start last week, UK Oil surged to its highest level in more than three months moving back above the $68 level which provided some resistance two months ago. It remained around this level for more than 24 hours before falling sharply back to $63 where it enjoyed some solid support.
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UK Oil - Surges to Three Month High above $68 after Saudi Attacks

 

 
To start this week UK Oil has surged to its highest level in more than three months moving back above the $68 level which provided some resistance two months ago. In the last 24 hours it has eased back below this level but then been bought back up returning it to back above $68 again where it currently sits. Just prior to the surge it has eased back towards the key $60 level. Throughout most of August UK Oil traded within a narrow range mainly between $58 and $60 with the former level providing some support.
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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: -1.301 M, P: -4.771M. #UK Oil may test 63.

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Market Recap: 2 - 6 September

 

 
On Tuesday last week we covered UK Oil which spent the rest of the week rallying higher to a one month high. Throughout most of August UK Oil traded within a narrow range mainly between $58 and $60 with the former level providing some support, which has assisted the recent rally. UK Oil has enjoyed several excursions above the $60 level in the last four weeks, however every time it has been sold off quickly returning back into the range, so this recent excursion is significant.
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Valutrades Market Blast Technicals 3 September 2019

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UK Oil - Relying on Support at Key $58 Level on Ongoing Trade Wars

 

 
Throughout most of August UK Oil has traded within a narrow range mainly between $58 and $60 with the former level providing some support. Should the $58 support level give way, there is no obvious support level until around $50 where it reversed at the end of last year. UK Oil has enjoyed several excursions above the $60 level in the last four weeks, however every time it has been sold off quickly returning back into the range.
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