7 days ago • Posted by Ajmir Omid
#Oil slides, approaching important support level #commo #wti #brent
Oil plunged for the second time in a few days on concerns that a global economic slowdown will ultimately hobble demand. West Texas Intermediate tumbled toward USD103 a barrel, crossing the first important support level (50 EMA). Will buyers jump in as prices approach the 100 EMA? Demand for oil is still super hot. Super major Exxon Mobil warned this week that crude markets may remain tight for years, while Vitol Group, the world’s largest independent oil trader, flagged rising fuel demand in China. Moreover, soaring margins are offering refineries an incentive to buy every barrel of crude they can get.