Crude Oil Sees Correction after US Data Released

Crude Oil Sees Correction after US Data Released

Crude oil started yesterday’s session by taking heavy losses, but following a report showing US oil stockpiles unexpectedly dropped last week, was able to rally in evening trading. The latest US Crude Oil Inventory figure showed that stockpiles dropped by 1.9 million barrels. Typically a drop in supplies is an indicator of increased demand among […] [...more]

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Crude Rally is Corrective

Crude Rally is Corrective

Prepared by Jamie Saettele Crude’s 3 wave correction from 6966 may be complete just shy of its 100% extension (8318). There are 5 waves up from 7590, which composes wave c of y. Crude has nearly retraced the entire rally from 7590 and the decline is sharp and impulsive in manner. Any strength should prove […] [...more]

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Crude Tests 7500

Crude Tests 7500

Prepared by Jamie Saettele Crude’s 3 wave correction from 6966 may be complete just shy of its 100% extension (8318). There are 5 waves up from 7590, which composes wave c of y. Crude has nearly retraced the entire rally from 7590 and the decline is sharp and impulsive in manner. Any strength should prove […] [...more]

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Crude Oil Falls on Growth Concerns

Crude Oil Falls on Growth Concerns

Commentary: Crude oil fell notably for the third day in a row, shedding $2.29, or 2.92%. Over the last three sessions, the commodity has lost $5.74, or 7%. Weak economic data, especially out of the U.S., has challenged the optimism that was developing in financial markets. Whether the recent sell-off is merely a correction of […] [...more]

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