Oil Hits New Low

With the opening of the trading session today Oil slipped below the $40 mark thus hitting a 6-year low. $37.22 was the last low made on 02/18/2009. The short-term outlook remains negative for Crude Oil, but while the bears are seemingly having control over the situation now, the bulls are getting ready to enter the market once the bearish momentum gets exhausted.

Current market price: $41.90

Chart: H4 USOil