Crude oil prices may plunge to $50 a barrel, a level the commodity hasn’t seen in more than two months, after closing below $60 last week, according to analyst Stephen Schork. Oil, which dropped 10 percent in New York in the week ended July 10, is in a “consolidation pattern” between $61.25 and $58.59, said Schork, president of Schork Group Inc, an energy trading consultant in Villanova, Pennsylvania. The prices correspond to the 50 percent and 62 percent Fibonacci retracement levels, he said. “If the bulls are going to put up a defense, then it is going to be here,” Schork said in a report today......Complete Story
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