Wednesday , 6 November 2024
Home Forex Crude oil futures settle at $71.47
Forex

Crude oil futures settle at $71.47

Crude oil futures are settling at $71.47. That is up $1.98 or 2.85%. Helping to support the price today is:

  • Supply Concerns: OPEC delayed its planned oil output increase for December by a month, tightening supply expectations.
  • Geopolitical Tensions: Rising tensions between Iran and Israel fueled market concerns, with reports suggesting both sides are preparing for potential escalation.
  • Dollar Weakness: A weaker U.S. dollar supported oil prices, influenced by U.S. election uncertainties and a surprising poll showing Harris as the frontrunner.

Technically, the price has moved up into a swing area between $71.51 and $72.43. It will take a move above that area to increase the bullish bias going forward.

This article was written by Greg Michalowski at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

As the later country votes in Indiana come in, they show Trump running stronger

Earlier today, I highlighted that Harris was running better in Sullivan county...

Bitcoin is running higher

The price of Bitcoin is running higher on the early Trump enthusiasm...

Trump trades continue to rally as his odds improve

All the Trump trades have climbed as election results from Georgia and...

US dollar firms across the board as Trump trades climb

I'm not sure what the FX market is trying to tell us...