The world’s biggest crude exporter, Aramco announced capital expenditure for 2021 will be “significantly” lower than guidance ($40-45 billion) according to Aramco’s CFO Yet, Aramco can pump at max capacity for 1 year with no additional spending needed Later today, API will release U.S. oil stockpile change data for August 7. Last week the API reported the biggest decline in almost a year From a chartist point of view, prices are supported by an intraday rising trend line currently at 42 In addition, the 20 and 50-period moving averages crossed upward and are supporting prices The RSI remains bullish above its signal line A continuation of the rebound towards 42.65 and 42.95 is expected Alternatively, below 42, look for a return on 41.55
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