Brent drops heading towards $ 125 a barrel

Technical analysis for crude oil -14 June 2013

The price of oil fell during the first meeting of the four sessions, on Monday, with the decline in price of Brent in the direction of $ 125 a barrel at a time when China’s exports have increased concerns aboutweak demand.

China recorded the largest trade deficit since at least ten years, raisingfears that the slow pace of exports from the second-largest economy in the world will hurt the demand for fuel, and Brent crude fell 61 cents to125.37 dollars a barrel, U.S. crude fell 64 cents to 106.76 dollars.

The Brent rose 1.88% last week, the sixth weekly gain, after theavoided Greece delay immediate payment of their debts at a timeimproved the employment data in the United States, which reinforced the potential for increased demand for fuel in the largest oil consumer in the world.