WTI Crude Oil: A Break Down Or Break Out Is Imminent
WTI Crude Oil: A Break Down Or Break Out Is Imminent $USO, $OIL. $GS For WTI Crude Oil, a breakout or breakdown is imminent as it consolidates inside converging trend lines. Given the fundamental backdrop and the late August rally, WTI could breaks to the Northside. 1st resistance marks are at 45.65 followed by the […]
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Oil falls to $44.00 a barrel, Fed eyed
FXStreet (Córdoba) – Oil faced some selling pressure and dropped to the $44 area as worries about China and mixed expectations ahead of the Federal Reserve meeting weighed on commodities.
Oil prices even shrugged off a report from the Organization of Petroleum Exporting Countries (OPEC) which showed the cartel upwardly revised its world oil demand outlook for 2015.
Crude oil fell to a 4-day low sub-$44.00 a barrell, although it managed to recover slightly afterward. The barrel traded at $44.26 a barrel, down 1.2% on the day.
Both WTI and Brent crude futures lost around 3% last week amid China woes and lingering concerns over a global supply glut.
Oil faced some selling pressure and dropped to the $44 area as worries about China and mixed expectations ahead of the Federal Reserve meeting weighed on commodities.
(Market News Provided by FXstreet)
Speculators raised bullish bets on oil for 3rd straight week
FXStreet (Mumbai) – The data released by the US Commodity Futures Trading Commission (CFTC) showed the speculators increased their overall bullish bets in WTI crude oil futures for third straight week and to their highest level since August 4th. The no…