{"id":11509,"date":"2010-07-28T08:37:09","date_gmt":"2010-07-28T12:37:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=11509"},"modified":"2010-07-28T08:37:09","modified_gmt":"2010-07-28T12:37:09","slug":"spot-crude-oil-prices-plummet-before-reaching-80","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/07\/28\/spot-crude-oil-prices-plummet-before-reaching-80\/","title":{"rendered":"Spot Crude Oil Prices Plummet Before Reaching $80"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; The price of spot crude oil failed to breach the $80 resistance level  yesterday. Following higher prices for the commodity the price fell  sharply on poor economic data and a lack of a rally in equities.<\/p>\n<p>Spot crude oil prices finished the day  down at $77.18, after opening the day at $78.90. The price of spot crude  oil reached as high as 79.65 before dropping. The commodity has not  traded at this high of a price since June 21st. Traders have been  targeting the $80 resistance level when the last failed attempt to break  the price range occurred.<\/p>\n<p>Yesterday\u2019s release of disappointing U.S. consumer confidence numbers  triggered the sell off in the commodity the moment that equity markets  began to drop. The CB Consumer Confidence Index reported a weak reading  of 50.4 on market expectations of 51.3.<\/p>\n<p>U.S. stocks fell in step with the release and the Dow Jones Industrials Average finished up marginally higher by 0.12%.<\/p>\n<p>Today traders will be eyeing the release of the weekly U.S. crude oil  inventories report from the U.S. Energy Information Administration.  This report will help identify a consistent trend of a short term drop  in crude oil supplies. Previous reports have shown falling supplies in  crude oil stocks as refineries have reduced output in light of the  global economic slowdown.<\/p>\n<p>Expectations are for a decrease of 1.4M barrels of crude oil. An  output on par with economists\u2019 forecasts may help push spot crude oil  prices higher to the resistance line at $78.50.<\/p>\n<p><span style=\"text-decoration: underline;\"><em><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><strong>Forex <\/strong><\/a><strong><a title=\"Market Analysis\" href=\"..\/category\/forex-market-news-analysis\/\">Market Analysis<\/a> provided by Forex                               Yard.<\/strong><\/em><\/span><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                    may not be suitable for all  investors.       There    is  a              possibility      that      you   could       sustain a  loss   of  all   of    your          investment and            therefore  you        should   not    invest    money  that   you            cannot afford to         lose. You     should    be      aware of     all       the    risks      associated  with     Foreign       Exchange        trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; The price of spot crude oil failed to breach the $80 resistance level yesterday. Following higher prices for the commodity the price fell sharply on poor economic data and a lack of a rally in equities. Spot crude oil prices finished the day down at $77.18, after opening the day at &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/07\/28\/spot-crude-oil-prices-plummet-before-reaching-80\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Crude Oil Prices Plummet Before Reaching $80&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11509","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=11509"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11509\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=11509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=11509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=11509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}