The Nov NYMEX Crude oil futures contract closed three cents over the open at $93.88 from $93.85, but made a new low. On the chart, the red line denotes a price of $80, which is certainly attainable if the technical trend continues. The contract crashed to $89.07 before recovering to $90.43 at 10:56 am GMT. This is the lowest since Feb and a 5% drop in a single session. The universal sentiment is the “demand destruction” is really occurring as global recession arrives. Over the weekend, Iranian Oil Minister Nozari said the market is oversupplied.
Aramco cut its official selling prices for exports to Asia and the US, according to Bloomberg (a cut of 30¢ to a discount of $3.40 a barrel below the West Texas Intermediate benchmark). Bloomberg also points out that crude oil prices are now down 39% from the record $147.27 reached on July 11. Oil fell 12% last week alone.
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Barbara Rockefeller - Forex Trading Reports
US Dollar exchange rate 1.7385
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