U.S. West Texas Intermediate crude oil futures rebounded slightly on Thursday, but the market is still in a position to post a nearly 5% loss for the week. Bottom-picking technical traders likely stopped the decline after the October futures contract tested a seven-month low and a key Fibonacci support level at $81.
85. Fundamentally, counter-trend buyers took notice of Russia’s latest threat to halt oil and gas exports to some buyers. Surprisingly, prices rose despite an unexpected build in U.S. crude inventories, news that the United States…A Battle Between Fundamental And Technical Oil Traders
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