Will geopolitical tension support oil prices?

Oct 6

• Kazakhstan planned to cut its oil output, while Russia reported lower production in Sep, restricting the supply.
  
• Meanwhile, the heightened geopolitical tension in the Middle East increases concerns over oil production and transport.
  
• At the same time, market participants remain optimistic about the US economy, which could support oil demand. Today's NFP release may provide insights regarding the US job markets.
  
• USOIL has significantly recovered from its low last month. The price retested its support at 67.50 USD per barrel before closing above its psychological support at 70.00 USD per barrel.
  
• If USOIL sustains its upward momentum, the price may retest the following resistance at 75.00 USD per barrel.
  
• On the contrary, USOIL may return to 70.00 USD per barrel if the price retraces before its continuation.