Wednesday July 08, 2009

NYMEX crude oil prices fall below $63 on demand concern

channelnewsasia.com :

Crude oil prices dived underneath $63 per barrel on Tuesday [7 Jul 2009], hitting the lowest levels since May, amid heightened concerns about energy demand in a struggling global economy. NYMEX light sweet crude for Aug 2009 delivery tumbled to $62.93 dollars a barrel. Prices had rebounded slightly earlier on Tuesday - but the gains were wiped out amid fresh losses on Wall Street.

Oil prices had hit 10-week lows on Monday after recent US data showed job losses surged more than expected to 467,000 in June, raising fresh doubts about the pace of recovery in the United States. Oil prices have slumped owing to the severe economic downturn after striking historic peaks of $147.27 per barrel a year ago. Meanwhile, investors are monitoring the situation in Nigeria where militants have continued to carry out attacks on oil installations and kidnapped oil workers in the country's crude-producing Niger Delta region.

- Whether we are watching the live oil prices or monitoring the historical crude oil charts, one thing that we can all be sure of is continued volatility in crude oil prices. The battle over the $70 level was particularly long-drawn, playing out over the entire month of June. The bears are having their laughs for now, calling for a non-confirmation of the 50-/200-dma crossover aka the Golden Cross, while on the other hand, the bulls will probably not admit defeat until the 200-dma, presently at $57.14, is violated on the downside. At least now, whichever side one may be on, prices are moving somewhat, so it's probably time to take some action.

See also :

1. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
2. NYMEX crude oil prices rise above $53 on global stimulus, OPEC production cut
3. NYMEX crude oil prices fall below $70 on gasoline market sentiment
4. NYMEX crude oil prices rise above $73 on USD fall, Nigeria attacks
5. Shell : oil production in Nigeria completely shut down due to MEND rebel attacks

(2009-07-08 13:49:53 SGT) [Energy] Permalink

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