Today, crude oil is appreciating in value after yesterday’s decline. The decline was caused by the US government’s decision to use the strategic reserves of crude oil. This measure should suspend the price rally after the Federal Reserve decided to start QE3.
As of September 18th, WTI oil depreciated by 1,4% down to 95,29/b in New York. The November futures contract depreciated by $1,33 down to $95,62/b.
Brent oil (ICE, London) depreciated by 1,5% down to $112,03/b.
Today, oil prices are bullish.
The WTI futures contract for October delivery is up by $0,43 (95,72/b). Brent oil has appreciated by $0,27 up to $112,3/b.
The chart below, courtesy of , reflects the current state of affairs in the market of WTI:
The bullish scenario is canceled. Today’s downswing probably represents wave [iii] of [c]. If so, after consolidating a little, the price may well go down to 94,5. Otherwise, the price will most likely test 99,5-100,5.
