WTI crude oil in the United States closed basically flat on last week Friday (September 20). The futures rose more than 4 percent last week, their second straight weekly gain. Oil prices have been supported by the Federal Reserve's aggressive interest rate cut last week and a drop in U.S. crude supplies.
The head of commodity strategy at Saxo Bank in Denmark said the market had concluded that oil prices would only stay below $70 for long if there was a real risk of recession, and that last week's sharp rate cut by the Federal Reserve had helped reduce the risk of a US recession.
West Texas Intermediate (WTI) for October delivery fell 3 cents, or 0.04%, to settle at $71.92 a barrel on the New York Mercantile Exchange. WTI crude oil rose 4.76% last week.
Operation suggestion: The lowest weekly crude oil to 68.593 position after the market all the way up, the highest weekly line reached 72.59 position after the market finishing, the final weekly line in 72.261 position after the market with a lower line slightly longer than the upper line of the sun line, and after the end of this form, the market continued more this week, on the point.
Trading strategy: long near 70.5, stop loss 69.95, target 71.5-74.6.
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