West Texas Intermediate broke near-term support around $65. It is trading below the 200 day simple moving average and the next major test is around $55 to $57.50.
Reference the last chart analysis for WTI.
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Trading below 200-day and testing major support around 64 to 65
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Traders will closely monitor the major support zone around $2.60
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http://www.oilsandsmagazine.com/energy-statistics/oil-and-gas-prices
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Major resistance is around $3.00 and major support is around $2.50
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High probability for another test around $75.00
Reference my last chart analysis for WTI.
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In a report in June, the World Bank calculated that almost all the growth in the past 20 years in global metal consumption, two-thirds of the increase in energy demand and two-fifths of the rise in food consumption came from seven countries: Brazil, China, India, Indonesia, Mexico, Russia and Turkey.
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Here is a longer-term view from 2006
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The following is an excellent article in The Economist:
Reference the following background information on the CRB Index:
https://en.wikipedia.org/wiki/Thomson_Reuters/CoreCommodity_CRB_Index
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http://www.oilsandsmagazine.com/energy-statistics/oil-and-gas-prices
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