Oil price decreases the third week in a row

Another decline in oil prices happened today

In brief: Investors and speculators do not trust analysts and stop buying oil. Oil prices are falling today and will continue to fall this week.

The price of oil distressed companies and bulls. Oil was in the grip of its claws flock of bears, which continue to roll a weak market. Strengthening of the dollar, reducing demand for oil and global issues in Europe have an excellent background for the adverse movement in oil prices.

Tune in the oil market remains very negative, and after attempts to form a base near support at $ 69 did not produce results, confirming the existence of a stable interest in selling “black gold” has continued to decline. As a result, in the wake of the execution downstream stops the July futures light sweet so far set fresh lows near $ 67.35 a barrel, while crude oil brent, losing support at $ 70.25/00, now holds about $ 68.55 with minimum session close of $ 68.25. Veterans of the market indicate that the fall in recent days seems very aggressive, assuming the risks of profit taking bears, however, until the mood of the markets are so pessimistic, and the dollar continues to enjoy brisk demand, attempts to rise above the oil is likely to be limited.

Ukrainian Globalist
2010-05-25 12:07, Commodities.

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