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Sunday, May 13, 2012

crude oil prices prediction may 14 2012

crude oil prices prediction may 14 2012 ; Oil fell in Asian trade today amid mounting worries over Europe's debt crisis and calls by major crude producer Saudi Arabia for prices to fall further,

New York's main contract West Texas Intermediate crude for delivery in June was down 84 cents to USD 95.29 per barrel while Brent North Sea crude for June shed 41 cents to USD 111.85 in morning trade.

Debt-laden Greece's political crisis is at the centre of investors' thoughts after emergency talks between party leaders failed to forge a unity cabinet, making the prospect of new elections increasingly likely.

As always with Greece it's not about one peripheral European economy but the widespread contagion on fellow members, Spain, Italy and Portugal are also sources of constant concern,Market sentiment was also weighed down by a Saudi call for crude prices to fall further.

crude oil prices technical prediction may 14 2012
WTI Crude is trading at $95.43 levels. Crude futures continue the weakness on account of the poor Chinese data, where the industrial production grew at the slowest pace. There are also reports showing that the OPEC is taking efforts to bring down the prices by increasing the inventory levels of crude. Strong support is at 92.72 levels, and immediate resistance at 97.70 levels. Overall bearish.

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