Crude Oil recap for 11.01.2016
For Monday Crude fell $2.21 from its high at 34.09 to its low at 31.82. Price opened at 33.74 and closed at exactly 32.00. Price passed the daily pivot point and closed underneath it. 31.36 is currently the closest support for the price before wti plunges to 31 and bellow. Oil glut continues with the expanding of the Oil inventories cushion and with the continuation of the over-supply from OPEC, Iran's oil and the recent ban-lift of oil export from the U.S. The tendency for oil is to keep falling (of course), but as we can see, after every sharp fall, price makes a correction for about $2-$4. Now it possible for the price to make such a correction for couple of days towards 33.48 and even 34.89. Keep it short.