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Crude oil rose by about 3.3% towards $90 while Brent is up by about 3.2% around $96 as the spot price. The market is closed due to the U.S holiday which leads to lower volume for potential balanced behavior to higher swings.

The yield is little changed while it stands around 3.2% which makes it a pressure factor. The dollar is up by about 0.3% which may or may not let the price of Crude oil fall in the New York trading session as the market tested a prior VWAP close level for resistance around $90.21 with absorption behavior above the swing highs.

OPEC+ made a surprise move by a token supply cut in October to tackle the falling oil prices by potential lower demand as of fears of a recession by the interest rate hikes and the global monetary tightening behavior to fight inflationary pressure.

Production will be reduced by around 100,000 barrels and further cuts are possible in the next meeting around October 5, according to Monday’s online conference.

Consumers are seemingly worried about the potential upcoming winter energy crunch with rising prices driven by inflationary pressure and oil sanctions on Russia.

Additionally, the recent closure of the Nord Stream 1 pipeline due to maintenance boosted gas prices higher by about 25% in the European morning’s session, which made crude oil prices bullish.

The daily interval found supportive core buyers around the decade’s upper-value extreme while the market may find selling at the lower-value extreme of the Year’s developing VWAP perspective.

The hourly interval’s buyers may target the prior week’s VWAP close level or could find sellers around a prior intraday VWAP close level now. 

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