The last few days have been interesting ones for crude oil (USO, quote) traders, with the commodity mirroring the volatile price action and associated volume profiles of related markets, and suggesting in turn, that we may be approaching a pause, and possible bottom to the current bearish trend.
Brent crude oil (BNO, quote) remained below $89 on Tuesday as a global supply glut continued to weight on prices.
Brent crude oil (BNO, quote) remained below $97 on Thursday as the growing supply glut continued to outweigh concerns about the conflict in the Middle East.
Brent crude oil (BNO, quote) dipped below $101 on Monday morning after last week’s jobs data disappointed. The commodity traded at $100.81 at 4:50 GMT as investors worried about demand in an oversupplied market.
In its latest credit rating report on Hong Kong, Standard & Poor’s Financial Services LLC said that “although the political polarization surrounding Hong Kong’s (chief executive) election reform has sometimes made decision-making in the Legislative Council lengthier and more contentious than before, in our base-case scenario, we do not expect the tension to significantly affect the effectiveness of governance, given the government’s strong record and the likely pragmatic approach of
Brent crude (BNO, quote) oil traded steadily at $102.10 at 8:10 GMT as the global supply glut weighed on prices.
Brent crude oil (BNO, quote) was steady on Wednesday morning after briefly rising overnight, but waning demand in both China (FXI, quote) and Europe (FEZ, quote) coupled with declining U.S. crude imports kept a lid on gains.
Oil prices continue to remain heavily bearish on the daily chart following the initial failure at the $106 per barrel area in early July which was the tipping point for the commodity, with the final phase of this particular price action, clearly marked with a shooting star candle and pivot high, coupled with high volume, and confirming the weakness at this level.
The last few days have seen some clear and unequivocal signals from the gold futures chart, that the precious metal is on the way lower, something I have been suggesting for several weeks.
Brent crude oil (BNO, quote) was steady above $107 as investors kept an eye on global instabilities, but relaxed their worries about a supply interruptions as the market appears to have a glut of crude.
