Oil comes under increasing pressure

Oil_plunges_lower_
WTI – August oil futures daily chart

WTI crude oil futures continued their journey South once again today, and as we come to the end of another week, the commodity continues to suffer as global tensions ease, plunging towards the $100 per barrel level which I outlined in a previous post. The move lower today has been dramatic, with the WTI August futures contract shedding over two dollars per barrel to trade at $100.65 per barrel at the time of writing. Today’s price action has been significant, with the wide spread down candle slicing through the potential support platform at $101.50 per barrel with apparent ease.

The next potential platform of support now awaits below in the $99.70 per barrel region, and as shown on the volume at price histogram on the left of the chart. Should this be breached, and assuming there is no further escalation of the current tensions, then oil is likely to continue lower still, and down towards the $98 per barrel level next week.

By Anna Coulling

About Anna 1030 Articles
Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.

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