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US Oil : Heading South

US Oil fell sharply today trimming all its previous gains. The decline came from the concern on the decreasing demand in China and forecasts that the US oil inventories increased last week. China is the world’s second largest oil user and the demand worries resulted from the country’s property market. China’s Industrial Bank has announced curb on property loans until the end of March thus raising concern over the property development and weakening the demand for commodities. On the daily chart the pair found support at 101.35 and the nearest resistance the pair might face is at 101.79.