Oil (F) 2014-11-28

0 2

Oil (F5):69.31

Oil tumble to 4 years low
market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009
market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure , where Japanese data show depend recession which indicating reduce demand for Oil
Yesterday OPEC has declared they would not cut their production , however , they set a price floor which will they act in case it would be hit.
As long as market below 72.00s levels more drop to 62.00s levels is highly expected , with a lower trading range would control the market between 60s and 70s levels for the time being.
Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 68.20 70.20
Level 2 67.50 71.50
Level 3 65.80 72.30

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