Oil (F) 2014-12-15

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Oil (F5) 58.12

Oil tumble after OPEC decision with no supply cut

Oil prices sustain drop after OPEC meeting where countries agree that no supply cut action

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
market managed to add more drop over Oil prices after the last forecast cut from IEA , where as long as market holding trades below 63.70 a farther drop would be expected over the med-run toward 50.00 levels
Above 63.70 markets may head for another rebound correction toward 68.50 – 69.50 zone
Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 58.50 61.80
Level 2 57.20 63.00
Level 3 56.00 63.70


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