RAPID UPDATE WTI (USOIL) TP @: 83.97 SL @: 82.87 O | Focal Community Group (FXSignals)

RAPID UPDATE
WTI (USOIL)
TP @: 83.97
SL @: 82.87


Oil priced started a strong rebound at the end of the previous week which extended in Asian trading today. WTI pushed back above $84 / barrel (December contract) exactly as we expected, while most analysts saw oil heavily overbought (and lost badly on their OIL shorts). OPEC+ is expected to stick to gradual, monthly production increases of 400,000 barrels per day (bpd), despite calls for more oil from major consumers. Also our Chevron position from Friday is trading strongly in pre-market US trading. Our oil positions are very deep in profit.