Oil rises on tighter supply but US factory data weighs
image from Isaac Urrutia | Reuters
Oil prices rose on Tuesday as investors expect U.S. sanctions on Venezuela and production cuts led by OPEC and its allies.
U.S. factory orders weighed on the market, which caused a significant decline Monday.
However, supply shortage optimism have helped U.S. Crude oil (WTI) to reach highest level in more than two months at $55.75 early Tuesday.
Prepare strategy for WTI is buy on dips.
| Symbol | S3 | S2 | S1 | P | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Oil - US Crude | 54.94 | 55.12 | 55.22 | 55.3 | 55.41 | 55.49 | 55.67 |
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