13 Nov 2013
Oil futures higher; yesterday’s posted a fresh 4½ - month low
FXstreet.com (Athens) – Oil prices are trading slightly higher in both sides of the Atlantic ocean after yesterday’s sharp losses, whilst gold is also heading to the upper level.
Crude oil is heading upwards at $93.30/brl, up 0.25%, while Brent oil is also enoying an upwards trend shift, hovering at $106.31, up 0.17%. On Tuesday, U.S. oil futures fell more than $2 a barrel, posting a fresh four-and-a-half-month low, amid speculation the U.S. Federal Reserve may ease up on its monetary stimulus program. What’s more, U.S. crude was also pressured by an anticipated build up in U.S. crude stockpiles. Briefly, crude oil’s 2.2 percent fall on Tuesday, was the largest drop, percentage-wise, since the 20th June of 2013. Gold is also heading north in the midst European trading session at $1275.68, up 0.55%. It is noteworthy to mention that yesterday gold broke below support at 1270.67, the 50% Fibonacci expansion, exposing the 61.8% level at 1249.18 (a barrier reinforced by the October 15 low at 1251.54). If the precious metal manages to breach decently the 61.8% level, then it might be further dragged downwards near the 76.4% Fibonacci area at 1222.60.
Crude oil is heading upwards at $93.30/brl, up 0.25%, while Brent oil is also enoying an upwards trend shift, hovering at $106.31, up 0.17%. On Tuesday, U.S. oil futures fell more than $2 a barrel, posting a fresh four-and-a-half-month low, amid speculation the U.S. Federal Reserve may ease up on its monetary stimulus program. What’s more, U.S. crude was also pressured by an anticipated build up in U.S. crude stockpiles. Briefly, crude oil’s 2.2 percent fall on Tuesday, was the largest drop, percentage-wise, since the 20th June of 2013. Gold is also heading north in the midst European trading session at $1275.68, up 0.55%. It is noteworthy to mention that yesterday gold broke below support at 1270.67, the 50% Fibonacci expansion, exposing the 61.8% level at 1249.18 (a barrier reinforced by the October 15 low at 1251.54). If the precious metal manages to breach decently the 61.8% level, then it might be further dragged downwards near the 76.4% Fibonacci area at 1222.60.