 Hello, welcome to this week's CMC Markets Commodity Snapshot with myself Jasper Lawler, market analyst here. Today we're going to be looking at WTI Crude Oil. Now it's down a full 2.5% today, which is a massive move in oil markets, and it's dropped below $90 per barrel for the first time in 17 months since 2008. So we're going to look at some of the triggers of this and what we could see going forward. Now when we're looking at the WTI contract, what we're focusing on is North America and production of oil in North America, and there has been an absolute energy boom going on there where we're looking at a situation where the production of US oil is going to be projected to be the highest since 1970 next year. So a massive increase in the supply of oil in global markets, and part of what's prompted this recent decline in price is that that has been matched by a global decrease in demand as judged by economic indicators out there. Over the last week we've had various manufacturing reports, mostly pointing to a slowdown, particularly in Europe, but also in China and Japan, and in fact a slight moderation of the improvement going on in the US. So that supply demand in balance is a continuing theme and there's not looking like too much that's going to step in the way of that at the moment. Probably the only thing would be a more of an international intervention by OPEC, which may perhaps have a bigger influence over the price of Brent, but also over the global supply and would influence WTI as well, whereby at the moment OPEC, the group of countries dominated by Saudi Arabia have said they're not going to cut to their production and decrease the global supply of oil. And if that remains the case, this supply demand in balance is going to continue. But perhaps next year there have been some indications they may in fact cut production and maybe that would be the time that this decline in oil prices happens, or perhaps markets will forecast that ahead of time. But for the moment the price trend is very much down. So let's have a look at this price trend and see where some of the important levels are. So here we have a weekly candlestick chart, so a longer term perspective. You'll remember in a previous snapshot we had a more short-term outlook pointing to a head and shoulders formation, which has since hit its target around $91.50 and we've subsequently broken below $90 per barrel. And you can see the rising trend line here, so that level was particularly important at that rising long-term trend line, but also the previous lows. And so having moved below there we could be looking towards $85 per barrel, maybe a next longer-term support level. And as you can see, we're kind of in this longer-term range between around $75 to $78 to $110 per barrel. So we could in fact be pushing down towards the bottom end of this range around $75 per barrel for WTI should the current trend continue. So that's it for this week's CMC Markets Commodity Snapshot. We of course were looking at the WTI crude oil contract. Let's keep an eye out on production in the US. That's expected to expand, but there are various EIA energy reports out on the pace of production. Let's watch those, but also in the Middle East. Libya, for example, has come back on producing large amounts of oil for the OPEC countries. So should that continue again, another increase in supply and a downward pressure on the price of oil, but also obviously let's look at these demand factors in global demand and global economic growth.