Crude Oil price outlook: Crude Oil breaks 72, NYMEX touches 71.32

The release of existing home sales data put further pressure on oil prices on Tuesday as NYMEX touched 71.32 per barrel of crude oil on Tuesday evening. Prices bounced back to 71.5 in early morning trading in Sydney on Wednesday morning. As per the numbers crunched by Calculated Risk the existing home month of supply figure crossed 12.5 months which will put further pressure on housing prices leading credence to the US economic slow down position of a number of economist. The question now is that will prices break the 65 dollars a barrel barrier on NYMEX during this downswing and if the next upswing will break 80 dollars a barrel on NYMEX.