News Headline Summary

WTI crude just taking an extended move to the downside on the break of USD 87.00

Reaction details (00:59)

- The Jan contract losing approx. USD 0.30 in 2 minutes after dipping below the USD 87.00 mark.

Analysis details (09:26)

- Volumes are thin owing to the US and Japanese market holiday helping to exacerbate the move.
- Do note that the Israel/Gaza cease fire appears to be holding as there has been no reports of renewed firings. This consequently is bearish for oil prices as the disruption to supply from the middle east is expected to be less pronounced as tensions cool.

23 Nov 2012 - 00:57 - - Source: RANsquawk

Subscribe Now to RANsquawk

Click here for a 1 week free trial

RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: