Concerns about the potential for increased supply along with slower growth seems to be weighing on the price.
From a technical perspective, oil moved back below its 200-hour moving average at $62.56 (green line on the chart) after initially trying to hold that level earlier today. The 38.2% retracement of the move down from the April high, which was broken, comes in at $61.63. With the price now trading below both the 100- and 200-hour moving averages — and slipping under the 38.2% retracement — sellers maintain the stronger hand. Staying below these levels should keep the bearish momentum intact.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( Crude oil is trading to new lows. Price is back below its 100 and 200 hour MAs )
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