ISLAMABAD: Global crude prices went down on Wednesday after making a stellar rebound from a multi-day low in early trading.
At 1255 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.73 (-1.03 percent) to reach $69.90 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $67.63, down by $0.66 (-0.97 percent).
The price for Opec Basket was recorded at $70.66 a barrel with 1.63 percent decrease, Arab Light was available at $72.01 a barrel with 1.84 percent increase, while the price of Russian Sokol jumped to $71.17 after gaining 1.83 percent.
Brent crude oil remains under pressure with weekly RSI momentum holding a clear top to warn of a potential price top also. Strategists at Credit Suisse warn of a deeper fall on a break below the $67.44 July low.
They said, “Below the $67.44 July low would warn of a more serious break lower, for a move to $64.57 next, with scope for the 200-day average at $62.40, with buyers then expected here. Above $72.43 is needed to ease the pressure off the $67.44 July low for a recovery back to the top of the range at $75.78/77.84.” They said that weekly RSI momentum holds a top and a bearish divergence, increasing the risk for a top in the market also.
