Traders Timeout: Crude Oil Is Back in The Doldrums

[kreslik.news]

From the desk of Evdokia Pitsillidou, Head of Risk Management at easyMarkets.

Oil prices have declined sharply this week, as a record build-up in US crude inventories compounded fears about a global supply glut after major producers failed to agree on an output strategy last weekend.

Subsequently, the West Texas Intermediate (WTI) benchmark for US crude futures fell below $45 a barrel yesterday, its lowest level in six weeks. The contract plunged -10% over a five-day losing streak, settling at $44.62 a barrel. The decline brought WTI back below oversold levels on the Relative Strength Index. As of 2:25 am ... (read more)