Oil prices extended their slide Tuesday, closing below 120 dollars for the first time in three months, as signs of a slowing global economy raise doubts about demand.
New York's main contract, light sweet crude for September fell 2.24 dollars to close at 119.17 dollars a barrel.
Prices also lost support from the diminishing threat of a storm in the Gulf of Mexico, home to major oil installations. Tropical Storm Edouard made landfall Tuesday on the Texas coast in the Gulf of Mexico, according to the National Hurricane Center.
If oil price rebounds and fails to break US$121 resistance, I may be interested to short oil.
If you cannot take too much risk in oil trading just like me, you may want to open a platform that trade supermini oil contracts. Value of $1 is US$100. To open account, click here. Choose standard account in account opening.
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