Crude Oil Falls On Global Supply Glut, Weaknd Demand
$OIL, $USO, $ICE
World Crude Oil prices fell Thursday on concerns that global supply will surpass demand long term
Crude Oil output from the Organization of Petroleum Exporting Countries (OPEC) increased by 101,000 BPD to average 31.51-M BPD in July, according to OPEC monthly Oil market report released Tuesday.
Iran and 6 of the world’s major nations have adopted an accord on the Iran nuclear issue. Traders worried that more Iranian Crude Oil will come to the already over supplied Oil market.
OPEC maintained its output quota of 30-M BPD at June’s meeting. The cartel’s output accounts for about 40% of the global Crude Oil output.
The WTI Crude Oil for Sept delivery moved down 1. 07 to finish at 42.23 bbl on the New York Merc (NYMEX), and Brent Crude Oil for Sept delivery declined 0.44 to close at 49.22 bbl on the London ICE (NYSE:ICE) Future Exchange.
Support: 41.60 – 40.00 – 39.50
Resistance: 43.20 – 44.75 – 45.00
Direction: South (Bearish)
| HeffX-LTN Analysis for OIL: | Overall | Short | Intermediate | Long |
| Bearish (-0.39) | Very Bearish (-0.61) | Bearish (-0.42) | Neutral (-0.14) |
| HeffX-LTN Analysis for USO: | Overall | Short | Intermediate | Long |
| Bearish (-0.43) | Very Bearish (-0.70) | Bearish (-0.46) | Neutral (-0.14) |
Stay tuned…
HeffX-LTN
Paul Ebeling
The post Crude Oil Falls On Global Supply Glut, Weaknd Demand appeared first on Live Trading News.