Oil Seems to Have Serious Troubles
Few had expected such a rapid decline of oil prices. Prices dropped by 7% since the beginning of the week and continue to go down. They missed an expected target at $100 per barrel of Brent crude. This manifest weak demand for crude, and may result in serious troubles for the market. Moreover, I believe, it smells like a real downturn that I would happily join. Price are correcting to the support at $83.00-85.00 per barrel of Brent crude. If this level will be passed, prices could quickly dive further. I will track the $83.00 level to open short trades when prices will retest it. There are two downside targets of this possible trade at $75.00 per barrel and $65.00 per barrel. The stop-loss could be set at $97.00 mark.
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