CL New York Crude Oil – Oil Prices Stabilize, Market Focuses on Venezuelan News

Oil prices rose slightly on Friday after a volatile session, initially surging on media reports that the US might launch airstrikes against Venezuela within hours, but retreated after US President Trump denied the reports on social media. U.S. crude settled at $60.98 a barrel, up 41 cents, or 0.68%. Meanwhile, U.S.crude fell about 2% in October as OPEC and major non-OPEC producers increased production. Sources familiar with the negotiations indicated that OPEC+ favored a moderate increase in production in December at its meeting on Sunday.

Technically, prices have recently been capped by the 50-day moving average. If this level is not broken in the short term, it appears to be brewing downward pressure. The nearest support level is at $59.60, with stronger support at $57.90 and $57.30, followed by $56.30 and the May 5 low of $55.30. Resistance is estimated at the 50-day moving average of $62, which was seen as a resistance level last week. More important levels to watch are $62.90 and the 100-day moving average of $64.40, with a further target of the 250-day moving average at $66.55.

Forecast Range:
Resistance: $62.00 – $62.90 – $64.40 – $66.65
Support: $59.60 - $57.90 – $57.30 – $56.30 – $55.30

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