All good in Schubes-ville as both WTI and Brent take a plunge.

WTI is down around $1.75 to $94.50 with Brent down about the same to $102.70

Reader Schubes will be tied up in his own WTI tech so I’ll stick with Brent


The move down has stopped virtually dead on the 38.2 fib from the 17 April/6 May hi/lo at $102.43 though the level is still under pressure.

_bh4 10 05 2013

A break would target the 100 H4ma at $102.15, then the 50 fib at $101.34.

I’d like to see Brent below $100 as that would help with UK inflation and the prospects of a further recovery.

Gold has also taken a knock down to $1427 and Kyle will be along shortly with his view on the shiny stuff.