Light Crude oil tests $80.00

Source: Dukascopy Bank SA


Throughout 2023 OPEC+ cartel has kept crude oil prices steady at its desired range, as it adjusts production to its liking and the global demand, inflation trends. In general, the price has been kept between support range at $63.75/$65.70 and resistance at $81.20/$83.70. Meanwhile, for short term period the price has been respecting the 50 and 200-day simple moving averages in the middle of the described range.

Most recently, the commodity price has reached the $80.00 mark, as global inflation has made a comeback during this summer, which is reflected in higher resource prices. The $80.00 level has shown to be capable to act as short term support and resistance.

A move above $80.00 is set to face resistance in the $81.20/$83.70 range. Above the resistance range, next notable stop could be the $85.00 and $90.00 levels, before the rate reaches the late 2022 high levels near $94.00.

On the other hand, a decline of the price for crude oil is expected to look for support in the 200-day simple moving average and the $75.00 level. In addition, note the approaching 50-day SMA near $72.50. Further below, the $70.00 mark might act as support, before the 2023 low level range at $63.75/$65.70 would be reached.
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