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Unemployment Data and Storms Pushed the Oil Price Higher

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WTI Crude Oil futures rose on Friday 03rd August after Non Farm Payroll data release. Report showed that payrolls in US gained 163,000 in July which was better than expected 100,000 by most economists.

Also the centre of the Ernesto Storm is forecasted to pass Yucatan Peninsula today on a pat that may take it into the Southern Golf of Mexico. That region is home to 29% of US oil production, 6.5% of the country’s Natural Gas output and 40% of its refining capacity.

WTI Crude Oil for September delivery is currently trading at 91.10 a barrel in pre-market trading on NYME. The Price Action increased 4.30 on Friday 03rd August to 91.41.

Brent Crude for September settlement rose to 109.14 on Friday 03rd August but closed down to 108.88 by the end of the trading day. Brent Crude is currently trading at 108.30 this morning, Monday 06th August on London Based ICE Futures Exchange. The European Oil Price is trading at the premium to West Texas Intermediate of $17.54.

Current Resistances for WTI Crude on the upside are located at 93.28 which was previous July high followed by 96.57 (200 Day MA). Alternatively the support is located at 87.17 followed by 85.28 (50 Day MA).


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