Oil prices fell to more than five-year lows on Friday, as OPEC’s decision on Thursday to keep oil output quotas unchanged added to fears over a global supply excess. On the New York Mercantile Exchange, Lcrude oil fell 10% to settle at 66.06 a barrel, the lowest close since September 2009.
On today’s economic agenda we have U.S. Energy Information Administration (EIA) latest survey. The report is expected to show a fall in LCrude stocks with estimates at 1.500K barrels.
LCrude fell during the course of yesterday session founding enough support at 67.02 and closing near the low of the day. Stochastic is showing some bullish momentum.
Expecting upward move on a bounce of the 67.02 Level to a Fibonacci retracement at 70.74 (scenario 1) or even to daily resistance at 73.20 (scenario 2).
LCrude is a CFD written over Light Crude futures.