Oil drops sharply to USD 93 a barrel

Despite the relatively calm trading global forex market over the last weekend, Oil declined sharply in the commodities markets and traded this morning at a six weeks low in the New York commodity exchange. At the end of Friday trading oil fell by 0.4% and the price of a barrel of oil was set at USD93.50, Oil recovered a little this morning and the price of a barrel of oil was at a level of USD 94.30. Since the beginning of December, oil has lost over 7% of its value, since it traded in the resistance level of the USD over the medium term at USD102.00 a barrel. The oflevel support for oil continues to be in the region of USD75.00 a barrel.


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