On Sep 13th at NYMEX the price of Light Sweet Crude Oil increased by $2 per barrel on expectations that the US Department of Energy’s report on crude inventories for the previous week will show a decline by 3M barrels (mainly due to a series of storms).
On Monday the closing price was $88.19/b. But yesterday the October crude futures at NYMEX gained $2.02, thus reaching $90.21/b.
Conversely, in London at IСE Futures Europe crude oil lost a bit of its value. Brent ended Tuesday at $111.89/b, which is 36 cents lower than Monday’s price. They say the decline is caused by concerns over the eurozone’s aggravated debt crisis.
According to the Department of , the price is retracing within a mid-term downtrend. If the retracement doesn’t break the MF pivot and sloping cannel, this will be wave C of Daily. Otherwise there will be a wave level increase.
