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  • WTI trades at $62.15 a barrel, Brent changes hands at $71.95.
  • Crude oil prices pressured by Trump’s decision to “go a little bit slower” on sanctions to avoid lifting prices.

The black gold came under pressure Monday, despite US sanctions on Iran kicked in, after US President Trump admitted he is concerned about oil prices, saying that he wants to “go a little bit slower” on sanctions to avoid lifting prices. The soft tone of equities worldwide undermines further prices ahead of the outcome of US Congressional elections, with the US benchmark WTI quoting at $62.15 a barrel, a level last seen early April, and Brent currently changing hands at $71.95 a barrel.

 The American Petroleum Institute (API) will report today weekly stockpiles changes for the week ended November 2. The organism reported a 5.7 million barrels increase in the previous week. The EIA report will be out this Wednesday,

WTI attempted a recovery Monday, but now accumulates a roughly $5.00 per barrel loss ever since entering a selling spiral last week. Despite being oversold in the almost every time-frame from daily downwards, there are o technical signs that the US barrel could halt its slump. April low at 61.83 is now the immediate support, with a break below the level favoring a test of the 60.00 figure, particularly if the USD remains under pressure.