Crude oil falls as geopolitical fears move to the back burner
Crude Oil closed lower overnight at $67.38 (-6.17%), erasing all and more of the previous week's rally following Israel's restrained weekend response to Iran's October 1st attack.
With geopolitical concerns on the back burner for now, this week's data-rich US calendar will provide more insights into the demand outlook for crude oil ahead of next week's US election and China's NPC standing committee expected to reveal the details of the country's fiscal stimulus package.
Technically, providing crude oil remains below the $71.50/72.50 resistance area, the risks remain to the downside, including a retest and break of the September $65.27 low.
With geopolitical concerns on the back burner for now, this week's data-rich US calendar will provide more insights into the demand outlook for crude oil ahead of next week's US election and China's NPC standing committee expected to reveal the details of the country's fiscal stimulus package.
Technically, providing crude oil remains below the $71.50/72.50 resistance area, the risks remain to the downside, including a retest and break of the September $65.27 low.
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