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Black Gold Continues to Fall as a Result of Negative Data.

Today, oil managed as a result of the strength of the bearish trend to breach the pivotal support at 94.30 which coincides with the proportion of 61.8% correction of the recent uptrend. The black Gold continues to fall until the 92.95 level which is 78.6% correction; and it is expected to continue falling oil up to the level of 91.30, provided essential support is breach the 92.95 level. The trading range expected for today is between: Support 91.30 and 95.70 resistance. The General tendency expected for Monday: DOWN On Friday, futures contracts for crude oil Settled near its lowest level in more than a week.

Brent futures settled at about $ 102 a barrel, amid concerns dominate the markets under the U.S. Federal Reserve's announcement of dates to reduce monetary stimulus program later this year and the withdrawal of the entire program by mid-2014. What worsened Oil losses are The Chinese data that showed slowdown in the manufacturing sector during the month of June to the lowest level in nine months, and HSBC reduced forecast for China's economic growth in 2013 to 7.4 percent from 8.2 percent and the growth forecast for 2014 to 7.4 percent from 8.4 percent.

Still, the negative data issued on mid of last week by the sectors of business and industry in America helped greatly to increase oil declines, as a result of increasing skepticism towards recovery of the Economy in the United States of America's largest oil consumer in the world, which affect the high expectations of a decline in demand for oil.

Monday, 24 Jun, 2013 / 7:43

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