Crude Futures Take a Hit as Technical Support Crumbles

摘要

Crude oil futures accelerated their recent downward trend on Thursday, incurring heavy losses on both sides of the Atlantic. Fundamental factors have been weighing on prices in recent weeks--particularly concerns about an oversupplied Atlantic Basin market--but analysts say key technical support levels are now starting to crumble, opening the door to heavier losses. In London, the expiring September Brent crude futures contract settled $2.27 lower at $102.01 per barrel, while October Brent, which becomes the new front-month contract on Friday, closed with a lost of $2.99 at $102.07. Traders said the coming days could see a downward spiral that would bring Brent close to the $100 mark.