Suitably Flip

Oil Below $55

Cheaper still!

Oil prices fell about $2 a barrel Tuesday to their lowest levels in 18 months in a market expecting more mild weather and rising inventories in the United States.
...
Light, sweet crude for February delivery on the New York Mercantile Exchange dropped $2.04 to $54.05 a barrel in electronic trading by afternoon in Europe. The front-month contract last closed below $54 a barrel in June 2005.
...
Traders said a break through key support levels triggered a wave of sell orders.

Having punched convincingly down through the $55 support level, there may be plenty of room for oil to sell off even further.

Previously:
Oil Below $57 [Update: Below $56]
Oil Below $58

Comments

Oil Below $55

Cheaper still!

Oil prices fell about $2 a barrel Tuesday to their lowest levels in 18 months in a market expecting more mild weather and rising inventories in the United States.
...
Light, sweet crude for February delivery on the New York Mercantile Exchange dropped $2.04 to $54.05 a barrel in electronic trading by afternoon in Europe. The front-month contract last closed below $54 a barrel in June 2005.
...
Traders said a break through key support levels triggered a wave of sell orders.

Having punched convincingly down through the $55 support level, there may be plenty of room for oil to sell off even further.

Previously:
Oil Below $57 [Update: Below $56]
Oil Below $58