Brent Down to $47 per Barrel

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Tuesday is seeing a continuation of the fall in oil prices. Brent and WTI are trading close to their supports at $47 and $43.4 respectively. Pressure on oil quotes is compounding before US reserve data comes out and the Fed meeting concludes. By the end of the week before last, US reserves were up according to the American Institute for Oil and the EIA. Investors are presuming that the increase has continued and that reserves are too high, putting pressure on prices. Nevertheless, for the

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