Crude oil
After reaching nearly $150 a barrel in July and looking like a sure thing to go to $200, crude oil prices continue to plummet.
- Crude oil futures prices have been chopped almost in half in the last three months, falling to $75, the lowest level in more than a year.
- The biggest users of oil – transportation and industry – appear to be in the throes of economic recession.
- Going into the winter, energy prices tend to rise seasonally although heating oil is not as much of a factor in home heating as natural gas.
- The next realistic downside target on the crude oil futures charts is in the $55-$60 area.
- Will the respite from record oil prices now reduce the severity of economic contraction?
Have an awesome week!
TraderED
