U.S. crude oil WTI futures closed down more than 2% on last week Friday (September 6), falling to the lowest level since June 2023, putting the benchmark crude on track for its worst weekly performance in nearly a year.
Despite the decision by the Organization of the Petroleum Exporting Countries and its Allies (OPEC+) to delay production increases to stabilize oil prices, the market remains concerned about weak global demand.
West Texas Intermediate (WTI) for October delivery fell $1.48, or more than 2.1%, to settle at $67.67 a barrel on the New York Mercantile Exchange, the lowest close since June 2023. The futures fell 8% last week, the biggest weekly decline since October 2023.
Operation suggestion: Crude oil prices slightly pulled up to give 74.97 position after the market all the way down the shock, the intraday break this cycle of triangulation under the track accelerated down, the weekly line to the lowest position of 67.52 after the market, the weekly line finally closed in the position of 68.52 after the market with an equal length of the shadow line, and this form asked, this week back to the empty, On the point.
Trading strategy: short near 69.5, stop loss 70.5, target 68-66.
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