As we can see on the weekly price chart below, Crude Oil is at crucial support levels. The daily trend is down and chances favor a break of $90, with $88 being the next target down. If support holds, there is resistance @ $94, $96 and $98, where sellers will re-emerge. Crude Oil has lost about one sixth of its price since the $108 high made in June even though geopolitical risk is high on the trading agenda.
Crude Oil chart, Nov’14 futures, weekly nearest futures:
Chart courtesy of investing.com. http://investing.com
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