Crude oil latest market trend analysis:
Analysis of crude oil news: On Tuesday (October 3) in the US market, the US crude oil price traded near 88.80 US dollars/barrel. As the dollar strengthened, traders took profits on fears of demand pressure from rising crude supplies and high interest rates. Oil prices fell about 2% on Monday to a three-week low. The spread between the two main crude benchmarks, WTI and Brent, is narrowing rapidly, which could lead to fewer U.S. oil exports, higher inventories, and perhaps lower prices. WTI crude has been $3 to $7 cheaper than cloth for most of the past 16 months, which has helped push U.S. crude exports to record highs. In early March, cloth was $6.84 higher than WTI crude, and just a month ago, the spread was still more than $3. However, as of press time today, the difference between the two oil prices is only $2.23. Analysts said some traders took profits after crude oil prices rose nearly 30 percent in the third quarter to a 10-month high. Rising interest rates and a stronger dollar make oil more expensive for holders of other currencies, potentially undermining oil demand. The global outlook is deteriorating rapidly, both once again boosting dollar trading and weighing on the outlook for crude oil demand. The jump in bond yields also put pressure on crude prices.
Crude oil technical analysis: crude oil fell yesterday in the bardo line, a wave of high even Yin to form a fall adjustment, back to 88.30 low point. At the end of the day, the low point was closed at the low point, and there was no strong recovery, and the daily harvest was even negative, and the local may enter a correction. 4-hour chart a wave of retracing, after the short-term low to the previous rising point 87 to seek support, but also to determine the short-term short change of the critical point, due to the weekly line of the cross K line, the current retrace is adjusted or trunk in the correction to be confirmed, look at the market shape transformation, short-term temporarily into the shock. On the whole, today's crude oil operation ideas suggest that it is mainly to step back low, supplemented by rebound high, above short-term attention to 91.0-91.5 line resistance, below short-term attention to 87.0-86.5 line support.