22 Oct 2013
Oil keeps falling below $98; 3-month bottoms reached
FXstreet.com (Chicago) – Oil lost the $100 key zone yesterday and continues succumbing to bearish pressure ahead of the EIA weekly petroleum status report tomorrow.
Amid disappointing market data in the US and increasing demand for US supplies for what is left for the rest of the year, oil is down below $98 for the first time in three months. With a weakening dollar against key currencies like the euro – printing yearly highs – a further decline below the $97 may be expected in the incoming months. Printing lows at $97.50 and highs at $99.77, the retracement accounts for 1.43% losses so far ahead of Wall Street closing and more delayed US data due these days.
Amid disappointing market data in the US and increasing demand for US supplies for what is left for the rest of the year, oil is down below $98 for the first time in three months. With a weakening dollar against key currencies like the euro – printing yearly highs – a further decline below the $97 may be expected in the incoming months. Printing lows at $97.50 and highs at $99.77, the retracement accounts for 1.43% losses so far ahead of Wall Street closing and more delayed US data due these days.