Crude oil drops more than 4%

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - On a low volume session, crude oil prices are falling sharply. The WTI barrel is losing more than 4%, after accelerating the decline during the US session.

    The barrel opened the day trading near the $50 area and recently bottomed at $47.20, the lowest level since Tuesday. It remains near the lows moving considerably away from last week highs.

    The most immediate support it the $47.00 zone, that limited the upside during late September; last week the price soared when it managed to climb above.

    Equities up

    In Wall Street, main indexes are now in positive territory. The Dow Jones is up 0.25% and the Nasdaq 0.15%. As crude oil drops 4.40%, gold is rising almost 1%. No fundamental data of impact was released today. The next relevant report will be Chinese trade data during Tuesday’s Asian session.
    For more information, read our latest forex news.

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