Oil prices rise mildly today as lifted by Abu Dhabi’s supply cuts. The National Oil Company told its customers today that October supplies will be reduced by -30%, deeper than than -5% cut in September. That was directed by UAE government to meet the commitment on recent OPEC+ agreement.
WTI crude oil is back above 43 for the moment. But it’s still struggling to find follow through buying to take out 43.38 resistance decisively. Such level is also close to 55 week EMA (now at 43.87). Sustained break of this EMA would carry larger bullish implications for 65.38 resistance next. Nevertheless, rejection by this EMA would at least bring a correction to 38.58 support.
