Bears in Control as Crude Oil Breaches Technical Support Levels
By Chinedu Okoye Crude Drops Below Support: Crude dropped this week to levels unseen in the past three Friday's close. BRENT ended the week to $71.05 just $0.05 above critical support levels prescribed last week ($71), and WTI $0.05 below support at $66.95. (WTI FUTURES in the week) Though both started the week fairly highly bid, they both ended in the red with US Crude drawing down 4.8% from last weeks close more than BRENT's 3.81%, taking the spread to $4.10. (BRENT FUTURES in the week) The average of both benchmark is also lower and right at the $69 support range. CRUDE PRICE MOVEMENTS (at the close from October 25th through November ): 25/10 | 01/11 | 08/11. |15/11 BRENT: $76.05 $73.65 $73.87 $71.05 WTI: $71.10 $...