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Oil Price Drop 3.83%

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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.


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