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Oil: WTI trims losses after approaching September lows

The prices of Petroleum they are falling on Monday, although like equity markets they trimmed losses after the formal start of trading on Wall Street. The barrel of WTI loses 1.30%, after having approached the minimum in months reached ten days ago.

Fears about the performance of the global economy, with signs of a slowdown on the rise, together with a stronger dollar, put downward pressure on oil prices.

The WTI barrel price (trading platforms) is at $83.85, having fallen as low as $81.70. The strong rebound is still not enough to move into positive territory for the day.

On September 8, the price fell to $80.90, the lowest level since January. The subsequent rally failed to break above $90.00 and is once again under pressure. The trend remains down, and below $80.90, the next support looms at $79.50.

Technical levels


Last Price Today 83.62
Today’s Daily Change -1.35
Today’s Daily Change % -1.59
Today’s Daily Opening 84.97
20 Daily SMA 88.68
50 Daily SMA 91.43
100 Daily SMA 100.43
200 Daily SMA 96.16
Previous Daily High 86.13
Previous Daily Minimum 83.83
Previous Maximum Weekly 89.65
Previous Weekly Minimum 83.83
Monthly Prior Maximum 97.68
Previous Monthly Minimum 85.39
Daily Fibonacci 38.2% 85.25
Daily Fibonacci 61.8% 84.71
Daily Pivot Point S1 83.83
Daily Pivot Point S2 82.68
Daily Pivot Point S3 81.53
Daily Pivot Point R1 86.13
Daily Pivot Point R2 87.28
Daily Pivot Point R3 88.43

Source: Fx Street

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