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Crude Oil Forecast And Technical Analysis Nov 8th

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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 Forecast And Technical Analysis Nov 8th

Daily Fundamentals:

The latest data from the General Administration of Customs showed on Wednesday, China's October crude oil imports dropped to their lowest monthly level in 13 months, reversing sharply from near a record seen in September.

Despite this, oil markets remain well supported.

This is largely due to an ongoing effort lead by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold supplies in order to prop up prices.

With crude still more than 40 percent up since June, oil-consuming industries that benefited from comparatively low prices are now starting to feel the pinch.

There are deeper fundamentals and I will publish an article about them for premium members.

Technically;

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This article was written by Emre Tutucu for http://www.fxters.com/crude-oil-forecast-technical-analcrude-oil-forecast-and-technical-analysis-nov-8thysis-nov-8th/ 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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