Analysis and Recommendations:

Crude Oil is trading down at 105.61 having fallen over 2.48 in today's session.

Investors took heed oil supplies are plentiful and futures overpriced after Saudi officials said as much. Contract expiration and a slightly higher dollar also weighed negatively.

Saudi Arabia assured western nations either they or other members of OPEC would make sure that oil were plentiful. The geopolitical atmosphere turned down a notch or so.

As China's economic growth begins to show signs of slowing, the demand for oil will fall.

Oil should continue to drop to the 100.00 range.

Oil inventories due out this week are expected to show a slowdown in consumption and a higher than normal level in inventory, which should help ease pressure off prices.

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Economic Events: (GMT)

WEEKLY

Crude Oil Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
102.680
104.195
105.320
106.835
107.960
109.475
110.600

Fibonacci
104.195
105.204
105.827
106.835
107.844
108.467
109.475

Camarilla
105.719
105.961
106.203
106.835
106.687
106.929
107.171

Woodie's
-
104.098
105.125
106.738
107.765
109.378
-

DeMark's
-
-
107.398
106.554
104.758
-
-