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For a number of months the economic picture coming out of the EU has become increasingly poorer. In Germany, as volume of products has diminished but quality has increased, the underlying demand for crude has eased as has the price. Although we are of heading towards the colder part of the European year, last month’s mild temperatures did not compensate as demand did not rise.
A look at the chart also raises some questions as to how much support from the trading community the price has. Over the last year the $106 level has proven to be a bit of a psychological one, and the recent break below it could well trigger some fresh selling.