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Monday, September 8, 2014
Crude Oil Weekly Chart Update
The crude oil market has been under also continual selling pressure since posting a new 2014 spot contract high 107.73 in June.
From the June high, the market has now closed lower on a weekly basis 9 out of the 11 weeks.
In the overnight session, the market has fallen to a new 7-month low of 91.80 in the overnight session. This low is the first area of support for the spot October 14 contract followed by the current 2014 spot contract low of 91.24 set last January.
Longer term support is between 88.00-89.00 and the 2013 spot contract low of 85.61.
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