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Oil Falls Below $72- Expect to Fall to Around $50 MORE Cyberwar Attacks Coming (Video) GOTTA See THIS!
Oil Falls Below $72- Expect to Fall to Around $50 More Cyberwar Attacks Coming
Dec 2 2014
Oil falls below $72 after a sharp rally in a very volatile market. Is this just the beginning?!
(Reuters) – Brent oil fell below $72 a barrel on Tuesday, giving up some of its gains in the previous day’s rally from five-year lows, as traders voiced uncertainty over whether the market had reached a floor or would keep falling.
“I am not surprised the price is going down. The market is looking for a renewed sense of direction and trying to figure out if we have hit the bottom or if we are about to go lower again,” said Michael Hewson, an analyst at CMC Markets.
“I think there is a lot of ebb and flow, and at the moment there is a battle going on between the bulls and the bears in light of the really strong rally we saw yesterday.”
Brent was down $1 at $71.54 by 9:40 a.m. ET, after jumping 3.4 percent on Monday. U.S. crude was down $1.40 at $67.60 a barrel.
Oil has fallen since June to reach its lowest since October 2009 on Monday as new supplies of high-quality, light crude from North America overwhelmed demand, which in turn has suffered from slower economic growth in China and Europe. Read more
Are you fully prepared enough?
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