OANDA - Oil futures commentary

Please attribute the following comment to Jeffrey Halley, senior market analyst at OANDA

Another day another 3+% move in crude. This time to the topside after Fridays rout. There appears to be no real news driving this, certainly not from Algeria. I suspect that a lack of two way liquidity is playing its part as short term momentum players chase their tails this way and that. Unlike FX no one can complain about a lack of volatility in the oil markets!

This morning WTI sits at 45.00 having traded as 45.70 overnight. Major resistance sits around 46.00 with support at 43.60. Brent sits at 46.90 with resistance at 48.20 and support at 45.50. Expect more choppy two way trading within the ranges today with all eyes on the 1st presidential debate and any headlines out of Algeria.

For direct comment, please contact:

Jeffrey Halley

Market Strategist

OANDA Asia Pacific

Representative No. HJD300377750

e: jhalley@OANDA.comt: +65 6579 8288 ext 212121