Oil prices slid as data from the U.S. Energy Information Administration showed U.S. inventories climbed by 7.11 million barrels in the week ended October 17th, exceeding the gain of 3 million projected by analysts.
Both oil types entered bear markets this month, trading more than 20 percent below their highs for the year, amid the highest U.S. output in almost 30 years and as Russian production nears a post-Soviet record. Oil markets are oversupplied by about 1 million barrels a day.
Low fuel prices also play a part in keeping consumer prices low as the retailers practiced restraint in pricing clothing, medical care and airfares. Light Crude Oil looks to reattain $80 and lower.
|Bearish||78||79.37||80.2||81.4||82.64||83||Resistance at 81.39||82.4||78|