Oil falls again

Oil recovers from its recent losses and returned momentarily at trading levels of over $50 a barrel. The reason for this was the positive attitude among traders after worse than expected oil reserves in the United States for the past week.
US crude futures rose by 23 cents yesterday to $49.84 a barrel. Brent's October futures added 38 cents, or 0.7 percent, to $ 52.74 a barrel.
Rising crude prices, however, were not lasting, and it resumed its decline again, with US crude trading at 48.80 dollars a barrel earlier this morning.
So oil returned again over its 200-day moving average at $49.45 a barrel, which is accepted by technical analysts as a very negative signal for the future direction.