Crude oil continue to moved lower in today’s session on fear of global economic growth and worries about Spanish debt crisis spinning out of control.

Energy traders as well traders of growth commodities became cautious on Monday when Federal Reserve Bank of New York index was reported to have fallen to -10.4 for the month of September hitting a 3 year low.  The previous months reading was -5.8 with analysts’ expectations of -2 for the month of September.Crude oil traders are also keeping a close eye on increased geopolitical tensions both in the Middle East region as well as Africa following attacks on several U.S. embassies.  The violence stems from an online film that portrays Muhammad. The region contains more than half of the world’s oil reserves and the U.S. makes up roughly 22% of crude oil’s demand.

WTI Crude Oil traded as low as $95.71 during the session thus far pulling back slightly off the 150 day moving average. Crude oil has moved $4.54 lower since crossing back above $100 since may 4^th by hitting $100.42 in last week Friday’s session.

Crude Oil is likely to find support at the $93.50 level where price has bounced 3 previous times in the past.

Crude Oil Exposure

Equity only readers can gain exposure to WTI Crude Oil through the United States Oil Fund (USO, quote) ETF that seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil. The USO will invest in futures contracts for WTI light, sweet crude oil, other types of crude oil, heating oil, gasoline, natural gas and other petroleum based-fuels that are traded on exchanges. It may also invest in other oil interests such as cash-settled options on oil futures contracts, forward contracts for oil, and OTC transactions that are based on the price of oil.

Traders also can grab exposure through Teucrium WTI Crude Oil Fund (CRUD, quote) ETF seeks to have daily changes in percentage terms of the fund’s NAV per share. The fund seeks to replicate, net of expenses, the daily changes in percentage terms of a weighted average of the closing settlement prices for futures contracts for WTI crude oil, also known as Texas Light Sweet Crude Oil (“WTI Oil Futures Contracts”) traded on the NYMEX.  Traders should pay close attention to how the fund buys futures contracts before investing.

Crude Oil’s Bottom Line:

With global economic outlook looking cloudy at best, the euro zone continuing to slow and mix U.S. results crude oil could settle back into a trading channel once again.