Oil slid. 72.07 USD (-0.33 USD )

Oil

MARKET VIEW

Weekly changes: XBRUSD -0.59%

Last week, XBRUSD slightly slipped after a less-than-expected U.S. jobs report indicated a patchy economic recovery that could mean slower fuel demand during a resurgent pandemic. Brent crude settled lower at 72.07 USD a barrel.

BULLISH TRIGGERS

The concerns that U.S. supply would remain limited in the wake of Hurricane Ida, which cut production from the U.S. Gulf of Mexico, supported oil prices. Oil production in the region remained primarily halted in the aftermath of Hurricane Ida, with 1.7 million barrels, or 93%, of daily crude output, suspended.

BEARISH TRIGGERS

The employment report impacted by the Delta variant shows that the coronavirus is still moving oil demand. Nonfarm payrolls missed expectations with an increase of 235,000 jobs amid softening demand for services and persistent worker shortages as COVID-19 infections soared. The United States pledged to press the OPEC+ to do more to support economic recovery by unleashing production.

SELL LIMIT CRUDE OIL AT 69.75

SL 70.15

TP 69.55 69.35

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