West Texas crude futures continue to slide
Updated : 14:37
The US benchmark for crude oil slipped lower early on Tuesday afternoon, returning it to its lowest levels since 2009.
As of 13:12 West Texas crude futures for December delivery were 1.91% lower at $36.93 per barrel in electronic trading on NYMEX.
Tuesday's losses followed what several observers and newswires described as a 'chaotic' meeting of the Organisation of Petroleum Exporting Countries on 4 December and meant crude futures were on track for the worst three-day stretch since the middle of the year.
Traders eye multi-year technical support
The $37 per barrel price level in West Texas Intermediate was an important level of so-called 'technical support' - which represented the highs reached in 2000 and 1990 - analysts at SocGen pointed out.
The 2008/2009 lows plumbed during the worst moments of the financial crisis came in at $33/32, they added.
For the very short-term, there was a down-pointing triangle spport line close at hand, at $35.50, they said.
"In case it gives way, the down trend would fetch $32.00. Near term resistance appears at $40.00, the confluence of the recent lows and the 23.6% retracement of the down move in force since last October," the broker said.