|With the price of a barrel of oil down more than $30 over the past month, today's chart provides some perspective by presenting the current trend of West Texas Intermediate crude. As today's chart illustrates, crude oil traded within the confines of a relatively steep upward trend channel in 2007. As a result of several significant issues (i.e. ever increasing global demand, ongoing geopolitical tensions, etc.), the steepness of that upward trend increased in 2008. Over the past month, however, the price of a barrel of crude has declined significantly and is currently testing long-term support.Notes:
- Which way are energy prices headed and what does it mean for interest rates and the stock market? Find out with the exclusive charts of Chart of the Day Plus.
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Quote of the Day"Oil prices have fallen lately. We include this news for the benefit of gas stations, which otherwise wouldn't learn of it for six months." - William D. Tammeus
Events of the DayAugust 25, 2008 - US Open tennis tournament begins (ends September 7th)
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