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Saudi Arabia’s oil production hit a record high, while the oil inventories in the US rose another 1.1 billion barrels over the last week according to the most recent EIA data. The expanding global glut continues weighing on the oil prices.
WTI trades at 41.37 and the next support is seen at 41.20 (76.4% Fibonacci retracement on July to August drop). Below this level the price could test the $40 mark and then to $39.23 (August 3rd bottom). First resistance is seen at 42.00/42.20 (100-hour moving average), and above that level the price could encourage a further recovery to the critical 43.43 (50% Fibonacci retracement).The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that 71% of our retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money.