Light Sweet Crude
The CL contract fell hard on Thursday as traders sold off everything that even remotely looked like a risky asset. The world economy is looking weaker and weaker, and as such – there will be less need for oil. This market is now a sell only market, as the trend has certainly changed at this point. We will sell rallies now.
Brent
Brent absolutely fell apart on Thursday, and looks like a sell only market at this point. The pair hasn't broken the absolute bottom of support yet, but days like this rarely are one-off deals. This market is certainly too bearish to buy, and it looks like $102.50 will be tested soon. Once we get below that level – this market will fall apart. In the meantime, we are inclined to sell rallies.
Originally posted here
Read about crude oil and the oil price at CrudeOilInventory.net.
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