OIL.WTI gains 1.7% as Francine hurricane hit US oil production output

Oil prices continue to rise today, as the US dollar was supported by yesterday CPI data, and suspension of a significant portion of production capacity in the Gulf of Mexico after Hurricane Francine hit the Louisiana coast this night. About 39% of US production capacity in the Gulf of Mexico was stopped because of that. Fears over US oil production output may support WTI price rises to $70 zone, where we can see first, strong resistance zone. On the other hand, to indicate rally, oil would need very solid economic data, especially from Chin and the US. As for now, the major trend is still headed downward.

Source: xStation5