U.S. crude oil WTI closed down 2.7% on last week Friday (November 8). Traders' concerns about a prolonged disruption to crude supplies due to hurricanes in the U.S. Gulf of Mexico eased, sending oil prices lower.
Energy producers shut down more than 22% of oil production in the U.S. Gulf of Mexico as a precaution against Hurricane Rafael, which sent U.S. WTI oil prices up more than 1% in the previous session. But the latest forecasts for the track and intensity of Hurricane Rafael point to a decline in the risk to U.S. Gulf of Mexico oil production.
West Texas Intermediate crude for December delivery fell $1.98, or 2.74%, to settle at $70.38 a barrel on the New York Mercantile Exchange. The futures are up about 1.3% for the week.
Operation suggestion: crude oil weekly lowest to the position of 69.88 after the second pull up, the highest weekly line reached the position of 73.07 after the market fell in the end, the weekly line finally closed in the position of 70.55 after the market with an extremely long shooting star line, and such a form after the end.
Trading strategy: short near 71.6, stop loss 72.2, target 70.5-69.
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