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Oil reaches key resistance level

On Friday, September 10, oil prices staged a robust recovery after Thursday’s pullback. The reason for this was that a new hurricane formed in the Atlantic Ocean, posing another threat to oil facilities on the Gulf of Mexico. After dropping to $70.6/bbl, Brent rallied to $72.7/bbl and ending Friday near $72.4bbl.

Oilfield services company Baker Hughes released its weekly report on Friday evening. The report showed that the US rig count rose to 401, up from 394 a week earlier. It was this report that capped upside in oil prices at the close of the week.

On Monday, Brent gapped upward from $72.9/bbl. After dropping to $72.6/bbl in the morning, price action climbed to $73.1 by midday. The likely trading range for Brent for the rest of the day is $72.40-$73.44. The medium-term range for Brent crude dropped to $70.52-$73.44. In case the $73.44 resistance level is breached, the next upside target will be $75.48/bbl.

To remind, the weekly API inventory report is due out on Tuesday evening. In the previous week, crude oil stockpiles fell by 2.8 mln bbl.

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