Crude oil prices are catching some lift, with WTI barrel prices pushing over the 69.75 level as Saudi output begins to slide while US drilling efforts stall out.
The MACD on the daily chart indicates an uptrend for Crude oil in the next days. Moreover, the RSI on the Crude oil weekly chart is above 50 and this indicates that Oil prices will rise in the medium-long term.
Oil futures gained at the beginning of this week after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions against major exporter Iran.
According to our analysts, U.S. sanctions on Iranian crude could soon push oil prices above $80 a barrel.
The most important data of this week:
US Crude Oil Inventories - 3.6M barells expectation ( 3.8M barells previous)