Crude oil in the international market is falling continuously . Price of Brent crude oil has gone below the minimum value in the past two years and trading at $90 per barrel
Due to the plentiful supply of crude oil and decline in global demand, the crude oil price has been dropped.
Pira Energy Group CEO Gary Ross says the price of crude oil will deplete further.
Demand and Supply-
Gary Ross says that the market is reaching in excess as compared to the demand for crude oil.
Demand for crude oil has been declined in countries with euro as currency and Germany has reduced its oil imports.
Technically, On MCX Side, Crude oil October contract is trading around 5180 after making a low of 5132. Short term trader can go for buy in crude around 5150 for the target of 5400-5500.
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