9 Dec 2014
Oil prices slump to mid-2009 levels
FXStreet (Mumbai) - Crude oil prices on both sides of Atlantic continued their downward streak and entered into sixth consecutive session of losses today.
Brent oil trades at USD 65.46/ barrel and WTI crude oil trades at USD 62.46/ barrel, both losing about -1%, at time of writing. A major sell of triggered in oil prices after major investors and banks slashed their price forecasts as concerns over the health of the global economy resurfaced.
Moreover, reports that US production reached 8.86 million barrels a day in September, the highest level since 1986, also added to the supply woes surrounding the oil prices, dragging down oil prices even lower.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 65.77 (5-day SMA), above which gains could be extended to 66 (10-day SMA) levels. Meanwhile, support is seen at 64.91 (June 2009) and from here to 64.08 (Sept 2009) levels.
Brent oil trades at USD 65.46/ barrel and WTI crude oil trades at USD 62.46/ barrel, both losing about -1%, at time of writing. A major sell of triggered in oil prices after major investors and banks slashed their price forecasts as concerns over the health of the global economy resurfaced.
Moreover, reports that US production reached 8.86 million barrels a day in September, the highest level since 1986, also added to the supply woes surrounding the oil prices, dragging down oil prices even lower.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 65.77 (5-day SMA), above which gains could be extended to 66 (10-day SMA) levels. Meanwhile, support is seen at 64.91 (June 2009) and from here to 64.08 (Sept 2009) levels.