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Crude falls $0.41

Posted on: October 18, 2016

Crude broke below $50 with prompt WTI future close of $49.94. From a technical standpoint a golden cross is on the verge of formation, defined as an intersection point where the 50 day moving average travels above the 100 day moving average; a commonly bullish indicator.

Fundamental analysis appeared to instill the market with bearish sentiments: Libya ramped up production by 20,000 barrels since last week, Baker Hughes revealed an increase in rig count by four, Iran strives to increase production by approximately 100,000 barrels per day within two weeks, and a Bloomberg survey reported that all analysts surveyed anticipate an increase in US stockpiles. However, this didn’t seem to dissuade money managers bullish swing in optimism with an increase in net-long positions.


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