Wednesday, October 23, 2013

Crude Oil at five months low

Days after U.S. debt problem and raising the debt ceiling China (the second biggest oil consumer) announced that they will decrease Chinese GDP levels to reduce their oil consumption.
Due to past five weeks WTI face continues retreatment to lose more than $10.40 per barrel, which came before Brazilian Libra Oil field auction for its new oil deposits started and became more obvious after that.

Today October 23rd, Crude Oil started trading at $101.04 per barrel drawing inclined chart $101.21 per barrel as day high which gave investors a good sign as a bullish trend against the last weeks trend, but a while after that a bearish trend started recording new lows down over reaching the Five months low at $96.23 per barrel, with around 5% difference between day’s high and low the market still taking the same downward trend to expand that gap.

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