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O’Hare: Crude oil’s declining demand
Crude oil production levels are significantly increasing, yet the global demand for the commodity has fallen. This has created a bearish trend for crude oil prices according to Steve O’Hare from First 4 Trading.
After five consecutive days of negative price action, crude oil hit a 2½ year low on the continuation chart yesterday. The Energy Information Administration had reported that demand for crude oil and petroleum based products declined, creating further negative momentum. The EIA also stated that oil supplies remain worldwide, with the United States reaching the highest levels of output in 28 years. The geo-political tensions that caused crude oil prices to spike earlier this year have subsided, which is why most analysts believe that this negative momentum is set to continue.
Steve is looking to take advantage of this negative momentum by selling at USD 92.00. He is targeting a drop to USD 90.00 and USD 88.00. A stop can be placed at USD 93.00.
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