Oil hits 4-month bottoms and can’t get out

FXstreet.com (Chicago) – Oil continues trading low key flowing near 4-month lows on rumors about Libyan oil exports increasing. As rumors continue spreading among market participants throughout the world, economic facts indicate giant economies are not in the best shape for manufacturing growth, hindering the energy futures contract.

Also, with factory orders low, it is expected the Federal Reserve will continue with its bond-buying program to fuel the US economy.

As explained by Phil Flynn from Price Futures Group in Chicago “Libya is trying to get more oil out and as they move that direction, it’s putting downward pressure on both Brent and WTI.”