Crude Oil has had a tough time during the month of August – historically which should have been a positive month. Right now it’s having a very hard time getting above the downtrend line it broke in mid-Aug. Short term target for this leg lower is easily $70 before we see a reliable bounce.
Crude inventories jumped 4.7 million barrels last week according to the American Petroleum Institute which had forecast an increase of only 1.9 million barrels – clearly way off. This of course is not helping Crude gain footing.
Leave A Reply (Be The First )
The comments are closed.
No comments yet