Oil Price Drop 3.83%


Crude Oil Price dropped to $89.00 a barrel on Monday from the highs of $92.90 on Thursday last week. Traders reacted to the reports showing slowdown in Chinese Economy and concerns about resurfaced issues in Greece and Spain.

WTI Crude Oil for September delivery traded on the New York Mercantile Exchange lost $3.50 during Monday morning session. Brent Oil for September delivery traded on London ICE exchange dropped $3.90 to $ 02.90. The spread between Brent and WTI Crude was $15 last week.

Technical analysis is showing pull-back from overbought levels with current support at 87.87 followed by 87.10 which is also 38.2% Fib retracement from the recent high. Alternatively the Price action must return above the previous high of 92.80 to continue with the up-trend.

Alfa Energy Group

Alfa Energy Group, an Edison Energy company, is an international energy, sustainability and technology consultant partner with 250 employees over 3 international locations. For over 25 years, Alfa has been servicing its clients’ needs through energy and water management, sustainability, and compliance consulting, and an intuitive ecosystem of user-driven energy, water, and carbon management software platforms. With coveted awards, an international industry-wide recognition, and clever simple solutions, today Alfa is partnering with clients to establish and deliver pivotal net zero strategies. Through smart energy management, the expertise and diligence of its people, transparent processes, and data management, Alfa continues to lead through its recognised gold standard of service delivery.