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Futures Trading Levels, Crude Oil Tumbles in Light of OPEC and IEA News

Cannon Trading / E-Futures.com

Overnight news sent crude oil tumbling….I thought it would be interesting to share a weekly chart of Crude Oil futures for your review.

The International Energy Agency will release 60 million barrels of oil from strategic government stockpiles held by industrialized consumer nations in a bid to push down oil prices, the 28-member group announced on Thursday.

The announcement comes after OPEC failed to raise production at a meeting on June 8 and despite assurances from OPEC’s biggest producer Saudi Arabia that it would lift supplies unilaterally.

Weekly Crude Oil Futures Chart: June 23rd 2011

Weekly Crude Oil Futures Chart levels for Wednesday June 23rd, 2011

GOOD TRADING!

TRADING LEVELS!

Commodity Futures trading levels for June 24th, 2011

Economic Reports Friday June 24th, 2011

Core Durable Goods Orders m/m
8:30am USD

Durable Goods Orders m/m
8:30am USD

Final GDP q/q
8:30am USD

Final GDP Price Index q/q
8:30am USD

Economics Report Source: http://www.forexfactory.com/calendar.php

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!

Tags: > > > > Posted in: Future Trading News   | Futures Trading  

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