Crude Oil prices stress the channel top on our chart

The Nov NYMEX oil futures contract opened at $107.70 on Friday and closed down at $106.89, but not before touching a high of $108.11. The week’s prices stress the channel top on our chart. Overnight, though, crude oil was nearly $3 lower at $103.94 in Singapore.

Bloomberg reports that Commodities fell, led by oil, copper and lead, on concern the U.S. plan to spend $700 billion propping up America's banks will fail to unlock credit markets and avert a slowdown in the world's largest economy. Crude Oil Futures, gasoline, heating oil, copper, lead, corn, soybeans, silver and rice all dropped more than 2 percent, leading the S&P Goldman Sachs Commodity Index to a 3.2 percent decline… ‘The fear is that the rescue package is not enough to stop the economy falling into a full-blown recession,’” said a German bank analyst.

Bye for Now

Barbara Rockefeller - Forex Trading Reports