- 2014 Brent price 106.00 vs 108.11 prior, 2015 103.00 vs $105.00 prior
- 2014 WTI price 98.28 vs 100.45 prior, 2015 94.67 vs 96.08 prior
- Cuts 2014 global oil demand to 1.04 mbpd vs 1.12 mbpd
- 2014 non-OPEC supply 1.83mbpd vs 1.77 mbpd prior
With geopolitics waning the re risk premium is washing out of oil prices along with increased supplies and lower demand.
Both Brent and WTI are close to the mid-2013 lows and coming up on fairly strong support levels
Brent crude oil 09 09 2014
WTI chart 09 09 2014
I like trading oil on the techs and I’ve just been closed by my trailing stop on a WTI long from the support line at 91.20 in the chart above. I feel that further downside is possible within the current market environment so I’m not too confident in the level holding again.
