Crude Oil Weekly Chart Update

The weekly crude oil chart shows various price highs and lows in the market dating back to 2008.

 A new 2014 low was set two weeks ago at the 90.43 level falling under the previous low of 91.24 posted in January.

Looking at past price lows, the spot price low for 2013 was 85.61.  In 2011 and 2012, spot prices bottomed out in the mid-upper 70.00 level.

In 2009 and 2010, spot prices fell to the 64.00-65.00 area before bottoming.

No prediction on where the market may bottom in 2014, but yearly price lows since 2008 has been increasingly at a higher price levels.  If  the trend continues, this year’s spot price low may come well above the 85.61 low posted last year.