Crude oil prices declined by 10.2 percent last week. Prices fell for a fourth day lurching again to 12-year lows as new financial market tumult in China brought a $30 per barrel within view of the global investors. Prices fell during the course of the week as well, as market are testing the $33 level. This market also looks to going down below $30 level, and with that we believe that the market can only be sold. The $30 level below should be supportive from a psychological point.

US equity market started the new week on a sleepy note with low trading volume. The Dow Jones industrial average lost 95 points or 0.53% to close the session at 17729, the NASDAQ lost 18 points or 0.39% to close the day at 4726 while the S&P 500 lost 8 points or 0.41% to end the session at 2047. With no major data due on Tuesday, market is expected to trade in a range with low volume.