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Will Crude Oil Prices Rise after Falling on Friday?

Record Inventory and Slowing US Production Swing Crude Oil Prices

(Continued from Prior Part)

Downtrend channel

October WTI (West Texas Intermediate) crude oil futures fell for the second day after testing the resistance of $47 per barrel on September 18, 2015. Prices have been fluctuating within a trading channel of $44–$47 per barrel since early September 2015. The slowing US production and record global inventories are weighing on crude oil prices.

Key pivots

The slowing Chinese economic growth, Brazilian credit downgrade, Russian recessionary concerns, and Japanese economic...