Crude Oil Forecast And Technical Analysis October 17th
Crude oil extended gains on Monday after Iraqi forces captured a military base, oil fields and an airport outside Kirkuk in the Northern part of Iraq.
Crude oil prices fell in Asia on Tuesday on profit taking after sharp gains on geopolitical tensions in Iraq and Iran stoked buying.
On the New York Mercantile Exchange crude futures for November delivery fell 0.19% to $51.77 a barrel, while on London’s Intercontinental Exchange, Brent dipped 0.02% to $57.81 a barrel.
Later Tuesday the American Petroleum Institute (API) will release its estimates of U.S. crude and refined product stocks to be followed by official data on Wednesday from the Energy Information Administration (EIA).