Energy Futures Update

Oil fell for second day in a row on speculation Global economic growth will slow down, hence curbing the fuel demand.

As stocks continued down on Monday following up last weeks vast drops, speculations brought more sellers to play and took out the rising support trend line at 60,25 area confirmed this morning by a retest from 59,65 low.

Tomorrows DOE inventory numbers could be the final nail in the coffin bringing oil back to the 57,90 supports last seen 21st of Feb.

However, from an intra day point of view there could be room for a 1,5 USD correction to the upside from 60,20 intra day support before market continues to test lower levels.