Now that Brent Crude has busted through $100 it looks like the downtrend may continue during the coming weeks. I'm already in two short positions and would see more opportunities if the price falls through $98 and $97. Oil has been high all through 2011 but perhaps it is now ready to fall back to the "summer of 2010" level of around $80. Time will only tell!
Brent below $101 on Greece, Goldman outlook cut
Brent crude futures slipped below $101 a barrel on Tuesday, squeezed by growing fears that a Greek debt default could spread across the banking system and threaten the global economy. Brent crude for November delivery LCOc1 was $1.17 lower at $100.54 by 1104 GMT, after hitting an intraday low of $100.42 a barrel, which was within striking distance of an eight-week low. U.S. crude CLc1 fell $1.73 cents to $75.88 a barrel after reaching an intraday low of $75.84. Goldman Sachs cut its 2012 Brent crude forecast to $120 a barrel from $130 a barrel, joining a growing chorus of increasingly bearish analysts. Stock markets ... (full story)