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3 Oct 2013
Oil, still “dangerously close” to $102 zone
FXstreet.com (Chicago) – Oil continues trading below the $103/barrel zone after falling from $104. Extending a 4th day losing strike out of five, oil futures traders and investors wait for Chinese data due later after the US ISM services index miss earlier this week.
With political negotiations that keep on, the Gulf of Mexico storm raises concerns about production.
Valeria Bednarik, FXstreet.com analyst reports “oil eases some of its recent gains, still dangerously close to 102.00 area, strong mid-term support. Having been as low as 101.05 this week, further slides below this last should lead to a deeper dive in black gold, eyeing 98 a barrel for the upcoming weeks.”
With political negotiations that keep on, the Gulf of Mexico storm raises concerns about production.
Valeria Bednarik, FXstreet.com analyst reports “oil eases some of its recent gains, still dangerously close to 102.00 area, strong mid-term support. Having been as low as 101.05 this week, further slides below this last should lead to a deeper dive in black gold, eyeing 98 a barrel for the upcoming weeks.”