Crude Oil Prices Plummet on Excess Supply and Weak Chinese Demand
Crude oil prices dropped on Monday due to concerns of excess supply.
Excess Supply Weighs on Crude Oil Prices
US crude inventories rose by 4.8 million barrels.
Weak Chinese Demand Adds to Crude Oil Woes
China’s crude oil imports fell 12% in September.
Expert Trading Tips and Analysis for Crude Oil, Gold, Silver, and Natural Gas
- Crude Oil Trading Tips: Consider selling crude oil futures.
- Gold Trading Tips: Monitor gold prices for buy opportunities.
- Silver Trading Tips: Watch for breakout above $18.50.
- XAUUSD Trading Tips: Consider buying on dips.
- Natural Gas Trading Tips: Track weather forecasts.
Key Market Data:
- Crude oil prices fell 2.5% to $70.45/bbl
- US crude inventories rose 4.8 million barrels
- China’s crude oil imports dropped 12%
Market Outlook:
The current market sentiment is bearish for crude oil.
Technical Analysis: Crude Oil Prices
- Support levels: $68.50, $66.00
- Resistance levels: $72.00, $74.00
What’s Next for Crude Oil Prices?
Investors await OPEC+ production decisions.
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