WTI Long
Pivot: 86.70
Our preference:
long positions above 86.90 with targets at 88.05 & 89.00 in extension.
Alternative scenario:
below 86.90 look for further downside with 86.15 & 85.60 as targets.
Comment:
even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Oil might rally on supply curbs. Saudi Arabia extends its one million barrels a day oil production cut until December, with Russia also prolonging its own export curbs.
Our preference:
long positions above 86.90 with targets at 88.05 & 89.00 in extension.
Alternative scenario:
below 86.90 look for further downside with 86.15 & 85.60 as targets.
Comment:
even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Oil might rally on supply curbs. Saudi Arabia extends its one million barrels a day oil production cut until December, with Russia also prolonging its own export curbs.
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