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Crude oil extends decline on on-going supply worries

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sharp rebound in oil prices from the middle of January proved to be short-lived as we and many other analysts had expected. Oil prices are now down for the fourth day and second consecutive week. A barrel of WTI crude oil costs less than 30 dollars again, while Brent costs less than $33, at the time of this writing. Oil traders have been discouraged by the lack of any breakthrough in talks between some OPEC and non-OPEC producers. As a result, the probability of coordinated output cuts and

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