NYMEX Trader Says Oil Prices Could go Down to $76 a Barrel

Oil prices spiked on Thursday on reports Saudi Arabia produced more, but supplied less in September. Oil traders say this is key because some OPEC members have called on the cartel's biggest producer to cut back production to support oil producers. Alan Harry of Spartan Commodity Partners tells TheStreet’s Jill Malandrino he is still looking for more downside movement in crude oil and he would sell oil if it went below $82.50 a barrel. Harry says the biggest issue for oil is oversupply and the economic weakness out of Europe, which will place further pressure on it. Until there is some resolution with oversupply and more strength in global economies, Harry thinks oil could hit the $76 level.