Crude Oil Technical Analysis and Forecast October 6th

Following three straight days of losses, crude oil prices gained traction on Thursday with the barrel of WTI reaching a fresh daily peak at 51.15, ended the day 50.75 USD.

Fundamental Summary:

Although WTI slumped below the critical $50 mark on Wednesday after Sharara field in Libya, which pumped 234,000 barrels on October 1st before it stopped production, re-opened, it was able to stage a meaningful recovery on Thursday.



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