OctaFX | OctaFX Forex Broker
Open trading account

Brent Crude at June 2012 levels.

FXStreet (Mumbai) - Brent Crude has slumped to a level last see in June 2012 with the energy stocks and funds getting hammered across the board. Prices fell below USD 90/barrel levels yesterday for the first time since June 2012. The November futures are trading lower by 0.93% at USD 89.21/Oz.

The SPDR Energy Select Sector Fund is trading down 3.8% to trade at its lowest in 7-months. Meanwhile, the Vanguard energy ETF has lost 3.81%. The Energy giants – Exxonmobil and Chevron –are down by more than 2%.

The bearish fundamentals of weak global growth, reduced demand and excess supply remain in place. However, bargain hunters may date to come-in at the current level of USD 89.05/USD. A technical bounce back cannot be ruled out, although, the weakness in equity markets shall cap gains in Crude.

Brent Crude Technical levels

Brent Crude has a strong support of 88.49 (low in June, 2012), while the immediate resistance is located at 90.00 levels. Prices may test 91.55 levels if the resistance of 90.00 is taken out.

USD/JPY back above 108.00

USD/JPY rebounded from Asian low at 107,64, reaching 108,08 area in early Europe.
Read more Previous

Nickel inventory rises

The inventory data released today by the London Metal Exchange (LME) showed a decline in the inventory levels of Aluminium, Copper, Lead, Zinc. Meanwhile, the data showed a rise in the inventory level of Nickel.
Read more Next
Start livechat