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US Oil Breaks Below 92.67

USOIL : 4 Hour Chart

US Oil is declining today as the report showed that China’s exports rose more than forecast in August whereas the imports declined unexpectedly raising concerns over the growth of the world’s second largest economy. On the 4 hour chart, the commodity was following a descending triangle trend and has confirmed the bearish trend by breaking below the support at 92.94.

USOIL: Daily Chart

On the daily chart, the pair seems to be following a falling channel trend and most probably the commodity will find the next support from the falling support trend line of the channel.

Fundamentally the US Oil seems bearish as the demand for US dollar continue to be supported and when the US dollar strengthens, the oil prices weakens as the dollar prices commodities become more expensive for holders of other currencies. US and China are the world's two largest oil consuming nations