Oil News and Analysis
The light sweet crude market fell during the day on Thursday, breaking below the $40 level again. Now that we are closing below that level, it does in fact look like we are going to head down to the $45 level given enough time. We don’t think that is going to take to awfully long, because we recognize that it’s not that far to go, and this is most certainly a bearish market overall anyway.
The US dollar continues to strengthen overall, and even hit the 100 level in the US Dollar Index during the session on Thursday, which of course is a monumental deal. Because of this, I believe that the oil markets will continue to suffer as all commodity markets should. Selling rallies on short-term charts will probably be the best way to trade this market for the time being.
Tags : Brent Oil Oil Oil Chart Oil Price