Light sweet crude, the primary grade traded on the NYMEX, is on its way to the biggest single month decline since futures contracts for it started trading in 1983. The sellers are focused squarely on demand: concern over the cooling global economy is trumping OPEC’s saber rattling, at least for now.
We continue to think oil is something to trade here, not to own.
Our near term buy trade level is 59.62
Our near term sell trade level is 67.14
We would keep stop losses in place in either direction.
Keep a trade a trade to stay in the game.