Most dangerous fear came true last week when crude oil prices dipped below 40$ and market but it managed to close above 40$ at this point of time oil looking over sold but as its falling like pack of cards and world equity market crashed last week cemented its deep red trend again , this week crude oil need to close above 43.20$ to give some relief to buyers above 43.20$ oil may test upto 44.90$ – 47.80$ and even more after that
If crudeoil slips below 40$ and close below 38$ then a bloodbath in crudeoil upto 35.20$ – 33$ not ruled out and , crude oil trading at very crucial point and if it falls more then panic in world equity market will begin as major Gulf and big portion of US economy related to oil so stay very cautious on oil
Crude oil weekly forecast conclusion : Oil trend looking weak for now
More will update during live trading hours