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Crude Oil weekly forecast and technical analysis

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

Crude oil prices settled lower on Friday as investor attention shifted to a potential disruption to energy infrastructure in the Gulf of Mexico as Tropical Storm Nate bears down on the region amid renewed oversupply concerns.

On the New York Mercantile Exchange, crude futures for November delivery fell 2.95% to settle at $49.29 a barrel, while on London's Intercontinental Exchange, Brent 2.23% to trade at $55.70 a barrel.

Crude oil prices slumped to a weekly loss for the first time in four weeks as investors braced for a potential disruption to some oil production in the Gulf of Mexico as Tropical Storm Nate is expected to arrive at a Hurricane on Sunday.

Concerns over a potential disruption in the region come amid renewed fears of an uptick in crude supplies as the wide gap between Crude and Brent prices is expected to incentivize US producers to ramp up production and exports.

Meanwhile, investors continue to monitor ongoing geopolitical uncertainty in Iraq as the fallout over an independence referendum in Iraq's Kurdistan region threatens to disrupt supply.

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This article was written by Emre Tutucu for http://www.fxters.com/crude-oil-weekly-forecast-technical-analysis/ on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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