24 Oct 2013
Oil bounces at 95.95/96.05 region again, back to 97.00
FXstreet.com (San Francisco) - The WTI crude declined further today and reached fresh lowest level since June 27 at 95.95, however the commodity managed to recover ground and currently it is pricing back above 97.00.
After touching 3-month lows, WTI bounced back in the American session and now it is trading at around 97.05, as it did yesterday. However, the "waning momentum could be a signal for a more substantial bounce or it could head straight to the late-June low of $92.80," as ForexLive analyst Adam Button commented in a recent news.
Mr Button believes that "If we ever see some US dollar strength, oil could break down.” Nevertheless, the selling interest continues to gyrate around the greenback, navigating session lows in the area of 79.15/10, in terms of the US Dollar index.
After touching 3-month lows, WTI bounced back in the American session and now it is trading at around 97.05, as it did yesterday. However, the "waning momentum could be a signal for a more substantial bounce or it could head straight to the late-June low of $92.80," as ForexLive analyst Adam Button commented in a recent news.
Mr Button believes that "If we ever see some US dollar strength, oil could break down.” Nevertheless, the selling interest continues to gyrate around the greenback, navigating session lows in the area of 79.15/10, in terms of the US Dollar index.