WTI Crude Oil (current price: 43.87)
Oil fell considerably yesterday despite the early strength that we noted in our latest report. The crucial commodity was pressured by Chinese trends, as the positive effect of the news about the new leadership of the energy segment in Saudi-Arabia quickly faded. The short-term technical picture looks bearish as the price broke below the support zone between 44.00 and 44-50. Trend-line support is found near 42.5, with a more important line around 41.25.
Our assessment: Oil dragged commodity-currencies lower on Monday, and the trend might continue today with the price being below a key support zone after yesterday’s reversal.
