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Today’s Crude Oil Market News

Market Outlook

Gold prices traded at one-year highs on Friday, helped by a broadly weaker U.S. dollar and lingering concerns over North Korea tensions with the rest of the world. Oil prices were mixed on Friday; with U.S. crude futures sliding lower and Brent prices moving higher after data on Thursday showed a rise in U.S. stockpiles last week and as markets prepared for potential supply disruptions caused by Hurricane Irma. More of the base metals rallies – notably copper’s and nickel’s – ran out of steam on Tuesday and given the gains in recent weeks/months, it is not surprising that more selling is being done at these higher price levels.

Fundamental News

The U.S. dollar came under pressure after the U.S. Labor Department reported on Thursday that initial jobless claims raised more than expected to 298,000 last week.

U.S. oil futures were hit after the Energy Information Administration reported on Thursday that crude stockpiles rose more than expected last week, offsetting recent optimism on oil prices which has seen crude futures settle higher for three-straight days.

Gold showed bearish movement and found the important resistance level of 30200. Now if it will close below the important support level of 30200 then 30000 will act as next support level. On the other hand, 30500 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 41325. Now if it will close below the important support level of 41325 then 40900 will act as next support level. On the other hand, 41900 will act as a major resistance level.

Crude showed sideways to bearish movement and found the important support level of 3050. Now if it will close below the important support level of 3050 then 3010 will act as next support level. On the other hand, 3120 will act as a major resistance level.

Copper showed sideways to bearish movement and found the important support level of 430.15. Now if it will close below the important support level of 430 then 425 will act as next support level. On the other hand, 435 will act as a major resistance level.

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