NEW YORK (Commodity Online): Crude Oil declined after Jean Claude Trichet, the European Systemic Risk Board chairman, said in a statement today that the European debt crisis has become systemic increasing the risk to the economy.

NYMEX WTI crude oil for November delivery is down 0.80% and currently trading at $84.61. Total volume stood above 23,000

-"The high interconnectedness in the EU financial system has led to a rapidly rising risk of significant contagion. It threatens financial stability in the EU as a whole and adversely impacts the real economy in Europe and beyond." Trichet said to the European Parliament's committee on Economic and Monetary affairs.

-In the UK, manufacturing production for the month of August declined by 0.3% against expectations of a modest 0.1% decline.

-Stronger Dollar also contributed to the decline. The dollar is up against both British Pound and Euro for the day

Technical support is seen at $83.70 and $84.90 while prices might face resistance at $87 and $88.10.


Crude oil technical analysis indicate major support at $70 and resistance at $90

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