Crude Oil Trades Lower on USD Strength


S&P pulled back after initial rally on Friday 02nd November, USD Rallies, Gold & WTI Crude oil selloff , EUR & JPY lost ground against US currency.

Better than expected increase in Non-Farm payrolls as US jobs market added 171K jobs versus expected 125K. This is quite significant because it is the last employment report before the presidential elections due in November. Could such impressive improvement to the unemployment market shift the expectations for further Fed stimulus? The US Dollar gained sharply impacting commodities and forex in general but especially Gold, Silver, Crude Oil, EUR and JPY.

Brent Crude price action could not hold support at crucially important 107 – 106.59 level. Also additional bearish downward pressure is helped by the possible creation of Bearish Cross (50 Day SMA crossing 200 Day SMA).

Support on the downside is located at 103.12 followed by 102.34 and 102.10. Alternatively resistance on the upside is located at 106.59 followed by 107.10 and 107.67.

Alfa Energy Group

Alfa Energy Group, an Edison Energy company, is an international energy, sustainability and technology consultant partner with 250 employees over 3 international locations. For over 25 years, Alfa has been servicing its clients’ needs through energy and water management, sustainability, and compliance consulting, and an intuitive ecosystem of user-driven energy, water, and carbon management software platforms. With coveted awards, an international industry-wide recognition, and clever simple solutions, today Alfa is partnering with clients to establish and deliver pivotal net zero strategies. Through smart energy management, the expertise and diligence of its people, transparent processes, and data management, Alfa continues to lead through its recognised gold standard of service delivery.