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WTI breaks June 2012 low; eyes on CAD - BBH

FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman explained that the main feature of markets today was the continued sharp decline in energy prices.

Key Quotes:

"With new multi-year lows in the December light crude futures contract yesterday, the downtrend continues after the convincing break of the $80 per barrel level."

"The main impetus was Saudi Arabia. In essence, it raised its prices for Asia shipments, for the first time in five months. At the same time, it cut the price of its products being shipped to the US."

"WTI is down now just under 30% since its recent high in June. At the current price of $76.50, it has broken below the June 2012 low. The next level to watch is the October 2011 low near $75. "

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