24/7 SUPPORT
Download App
Search
Popular Search
Published: 20 October 2026,07:34
Daily Market Analysis New
*Oil eases but remains elevated: December Brent settled at $109.55, down 0.3%, while December WTI fell 0.5% to $98.54.
*Contract expiry distorts WTI comparisons: November WTI rose 2.2% to $103.66 on thin trading ahead of expiry, diverging from the more actively traded December contract.
*Russian supply hopes pressure prices: The US sanctions waiver could facilitate energy exports, but its implementation and duration remain uncertain.
Oil remains supported by transportation risks despite hopes of additional Russian supplies. December Brent settled Monday at $109.55 a barrel, down 0.3%, while December WTI declined 0.5% to $98.54. The expiring November WTI contract instead rose 2.2% to $103.66, with relatively thin trading ahead of Tuesday’s expiry. This contract distinction explains much of the conflicting reporting about whether WTI rose or fell. Washington’s waiver of certain newly imposed Russia-related sanctions and tariffs encouraged expectations of easier energy trade, although it did not remove earlier sanctions.
The strongest counterweight is the deterioration in shipping security. Reuters cited Kpler estimates showing regional crude flows fell to a seven-day average of approximately 8.5 million barrels per day last week, from more than 20 million the preceding week, alongside at least 10 confirmed incidents involving commercial vessels. The Houthis also claimed strikes on Saudi energy infrastructure, including Yanbu and Shaybah, but Saudi authorities had not immediately confirmed the claims and Reuters could not independently verify them. These reports raise disruption concerns without establishing a confirmed loss of production.
Russian supply relief also faces practical obstacles. Financial News reported renewed Ukrainian attacks on Russian oil terminals and storage facilities, citing the St Petersburg governor. The report identified normal refined-product exports through the St Petersburg terminal at approximately 120,000 barrels per day, although it did not establish that the entire volume had been interrupted. My assessment is that sanctions relief can improve trading access while damage to terminals or refineries still restricts actual deliveries, particularly of diesel and other refined products.
The supply outlook therefore remains uncertain. Reuters reported that OPEC production increased in September, led by Saudi Arabia and Iraq, but greater output does not automatically translate into reliable deliveries through threatened shipping routes. Uncertainty over the Russian waiver’s implementation and duration further limits confidence in a sustained supply increase. In my assessment, confirmed improvements in loadings and tanker movements would provide stronger grounds for an extended oil decline; further verified attacks or shipment interruptions would preserve the risk premium and renew inflation pressure across currencies, bonds and equities.
Crude Oil, H4:
Crude oil is trading around 98.70 maintaining a bullish structure supported by a rising trendline after rebounding from the 87.65–89.90 support zone. Price has advanced above the 94.05 and 95.90 resistance levels and is now consolidating near 98.90, suggesting that buyers are attempting to sustain the recovery.
RSI stands at around 60, remaining above the neutral 50 level and indicating positive momentum, although it has flattened recently. Meanwhile, MACD remains above the zero line, with the MACD line slightly above the signal line, but the narrowing histogram suggests that bullish momentum is losing strength. From here, a sustained break above 98.90 could open the way toward 101.55, while a rejection may trigger a pullback toward 95.90 and 94.05. Overall, the short-term bias remains cautiously bullish as long as crude oil holds above the rising trendline and the 95.88 support level.
Resistance Levels: 98.90, 101.55
Support Levels: 95.90, 94.05
Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
Trading Platforms
Learn
About PU Prime
Corporate
Important Notice to Visitors
Our products and services are not offered or made available to residents of your jurisdiction. The information on this Website is not directed at persons in your jurisdiction and is not intended as an offer, solicitation, or promotion of our products or services to them.
By clicking “I Understand”, you acknowledge this notice and confirm that you are accessing this Website at your own initiative. Access to this Website does not mean that our products or services are available to you.
Important Notice
Please be advised that our products and services are currently unavailable to residents and entities located in the Philippines.
This restriction is a result of our firm commitment to adhering to applicable legal and regulatory requirements in all jurisdictions where we operate. In line with our internal compliance protocols and evolving global standards, we continuously assess and update access to our platform to ensure full regulatory alignment.
We appreciate your understanding and cooperation.
If you believe this restriction has been applied in error, please contact our support team for further assistance.
Dear Valued Client,
As part of PU Prime’s ongoing commitment to providing a stable and reliable trading environment, please be informed of the following weekly weekend scheduled optimisation activities:
We sincerely apologise for any inconvenience this may cause as we strive to provide you with better service. PU Prime is committed to providing you with the best trading experience and this Weekly Scheduled Optimisation Notice will enable us to ensure that you trade without any unexpected interruptions.
For other upgrades that may involve longer disruptions to your trading, we will announce them ahead of time in a separate announcement.
Important Notice:
Important Notice: Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.
Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.
By clicking the "Acknowledge" button, you confirm that you are entering this website solely on your own initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on a reverse solicitation basis in accordance with the laws of your home jurisdiction.
Important Notice:
Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.
Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.
By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.
Aviso importante:
Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.
Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.
Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.
