Oil Analysis 13.11.2018

Crude oil futures fluctuated during the US session to see Nymex crude fall for the 11th straight session, showing the longest daily losses since mid-1984 and stabilizing near the nine-month low. Brent crude is stabilizing near the seven- USD has been in the highest since 22 January of 2017 according to the inverse relationship between them.

US crude futures for November delivery fell 0.17% to $ 60.09 per barrel, compared to the opening at $ 60.19 a barrel. Brent crude futures for January delivery rose 0.26% to $ 70.36 per barrel. Opening at $ 70.18 per barrel, while the dollar index rose 0.65% to 97.53 levels, the highest since the beginning of last year compared to the opening at 96.90.

In another context, data from the Russian Energy Ministry earlier this month Russian oil production rose to its highest in three decades during the past month to levels of 11.41 million barrels per day, before we see the report of the US Energy Information Administration showed a rise US production of oil by 400 thousand barrels per day to 11.6 million barrels per day, the highest ever to reflect the skewed states to produce Russia and to become America's largest producer of crude oil globally.

Technical analysis:

The price of oil is currently trading with a negative negativity after the lower descending channel line is stimulated by the stochastic negativity as it is trading in oversold areas, awaiting further downside during the coming sessions as our next target is at 58.00, depends on stability below 61.60.

Support and resistance:

Support: 59.00-58.00;

Resistance: 60.00-62.00.