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WTI Crude Oil Inches Higher

Posted On 25 Aug 2020
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wti crude oil

WTI Crude oil rose slightly higher on Monday amid storms in the Gulf of Mexico.

The storm is threatening a complete shutdown of oil production units in the region.

Oil prices rose to intraday highs of 42.85 before pulling back.

Any declines could see prices stalling back near the 42.00 level.

The new sideways range between 42.00 and 43.00 is likely to form in the near term.

But overall, oil prices continue to remain directionless.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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