 Hello, welcome to this week's CMC Markets Commodity Snapshot. This week we're going to focus on WTI Western Texas Intermediatory Crude Oil. And there's an interesting chart pattern that's formed here, and prices have collapsed over $10 in just the last month or so, and even yesterday the price collapsed 2%. So we want to see if this kind of thing is going to continue, or if we can expect a bounce. Now, 2% maybe doesn't sound so much, but in the context of trading oil, it's actually quite a big move. 0.4% is more like a typical daily range. So then what's been causing that, really there are three different things that are suggesting the price of oil could even be going up. One is US driving season right now, so it's peak time for the demand for oil as Americans are travelling across the country in their summer holidays. Oil inventories or stocks have been going down in the US, typically indicating increased demand, so that's why the stocks have been going down. And there have been geopolitical tensions across the world, which have been hammering stock markets, but oil prices typically go up in times of geopolitical tension. They've been heading down. So why is that? It's just pure supply demand situation, where global growth does appear to be slowing, particularly if you follow the forecast from IMF and the World Bank. And supply particularly in America with a shale gas boom is increasing. So decreased demand, increased supply, that just law of economics means the price has to go down and we've seen some sharp drops. And there's a price pattern that we should look at, which could indicate we might see some more drops. So if we have a look at the chart now, this is a head and shoulders pattern that I alluded to in the chart forum a few days ago. It was then backed up by a tweezer top, which happened just at the beginning of this week, and then that's led to yesterday's huge decline. So if we consider the neckline around about the $100 per barrel level, that could actually project based on the height of the pattern, an objective down to around $91.50. So although we could see some bouncing around in the meantime, I'm sure we will, even if you're not trading on the long term down to $91.50, if you're trading on the short term even, keep in mind there could be this longer term pattern playing out with a bias towards the downside towards this $91.50. Should we move back above the neckline around $100, then we can probably discount this pattern as working. OK, that's it for this week's CMC Markets Commodity Snapshots. We're of course looking at WTI Crude Oil. Keep an eye on anything that can impact this supply situation, whereby the supply is out doing the demand, and in the meantime, good luck trading.