Futures : Energy Update

Crude oil hitting a 19th month low at $51,80/bbl and still looks weak.. even if there will be some short covering going on pressing up the market intra day perhaps as high as 53,50 traders should be prepared for an attempt of the psychological level $50 next week.

From a technical point of view next support would come in at $49,75/bbl. what will be critical next coming up is OPEC concerns where falling price obviously effecting income severely.

Assuming further cuts in production would not be a too daring thing to say. U.S weather would be the second factor, with children playing soccer in New York dressed in T -shirts with a nice temperature of +21 Celsius does not exactly support oil prices but mid- winter as it is this could turn very quickly and be the joker for upcoming.