Crude Oil Takes out Support at $92, Looks Lower
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WTI futures knocked out support levels at $92 and the price is testing $90. The drop in price comes as western leaders hold talks with Iranian officials in Baghdad today. The talks take the prospect of conflict in the region off the table for now.
Growing concerns that a Greek exit from the European Union will be traumatic and undercut growth in the global economy are also weighing on the price.
The EIA will release weekly crude inventory levels for the week ending May 18th at 1030 a.m. today. A Dow Jones survey expects a gain of 500,000 barrels.
Oil can be traded using the ETF (NYSE: USO).
Growing concerns that a Greek exit from the European Union will be traumatic and undercut growth in the global economy are also weighing on the price.
The EIA will release weekly crude inventory levels for the week ending May 18th at 1030 a.m. today. A Dow Jones survey expects a gain of 500,000 barrels.
Oil can be traded using the ETF (NYSE: USO).
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