Crude Oil (October)
Last week’s close: Settled at 75.54, down 1.45 on Friday and 0.07 on the week
After hitting a three-week high last Monday when geopolitical tensions were at a pinnacle, Crude Oil trended lower on the week. Iran was threatening a high-scale attack on Israel, but as the week unfolded, it became thwarted with allies of Israel intervening. Coming out of this weekend, renewed Gaza peace talks are grabbing the headlines, and Crude Oil futures, although holding Friday’s low, are maintaining a range at $75, the lowest since August 8th and 9th. Thursday was the only positive session as the weekend neared with geopolitics in the balance but also as strong U.S Retail Sales data and improved Initial Jobless Claims eroded recession risks.
WTI Crude Oil futures are testing into major three-star support at 74.52-74.71, a level aligning the low from last week with the 50% retracement back to the August 5th low. A break and close below here would signify a deeper pullback may be needed. In today’s session, we will be watching our Pivot and point of balance very closely; the probability of a lower close and deeper pullback increases with continued price action below this level at 75.31-75.54.
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