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yesterday, Oil moved in a great bullish trend. Then, if we look on the previous candle on daily time frame, we can see that the candle indicates the buyers are dominating in the market now. So, I think Oil still has a power to continue the up trend today. I expect Oil will go up to the nearest resistance level at 93.61 or even to higher resistance level at 93.61.
Oil is the best for trading in these market you raelly have to understand trading these market.
there are a lot of factors that make oil either expencive or cheap.
Its scarcity and the value of dollar.
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Crude oil futures edged lower during European morning hours on Wednesday, coming off the previous session’s one-week high amid ongoing concerns over the health of the global economy.
Losses were limited as investors focused on escalating tensions between Syria and Turkey and the possibility that Iran could support Syria in such a dispute.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD92.00 a barrel during European morning trade, shedding 0.45%.
Earlier in the day, prices fell by as much as 0.7% to hit a session low of USD91.71 a barrel.
New York-traded oil prices rallied more than 3% on Tuesday to hit a one-week high of USD92.88 a barrel after Turkey confirmed that it deployed additional F-16 fighter jets to an airbase close to the border with Syria.
Tensions between the two countries have been growing since Syrian shells last week killed five people in a Turkish border village.
Growing tensions between Iran and Israel also remain in focus. There are fears that an escalation of hostilities between Israel and Iran could set off a conflict across the region and send oil prices skyrocketing.
Countries in the Middle East and North Africa were responsible for 36% of global oil production and held 52% of proved reserves in 2011.
But prices retreated Wednesday as market sentiment remained under pressure after the International Monetary Fund cut its 2012 and 2013 global growth forecasts on Tuesday.
The IMF said that the world economy will grow 3.3% this year, the slowest since the 2009 recession, and 3.6% next year, compared with July predictions of 3.5% in 2012 and 3.9% in 2013.
Investors also remained cautious amid worries over how soon Spain may formally request a bailout and uncertainty over whether international creditors will extend loans to Greece.
Oil traders were awaiting fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles rose by 1.45 million barrels last week.
The data is released a day later than usual due to the Columbus Day Holiday in the U.S. on October 8.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery was little changed to trade at USD114.50 a barrel, with the spread between the Brent and crude contracts standing at USD22.50 a barrel.
London-traded Brent prices have been drawing support from a combination of lingering concerns over a disruption to supplies from the Middle East and worries over declining production in the North Sea-region.
Oil prices have tried to make the leap to the top, but then he met a very strong resistance and price again went to the opposite side of the corridor so that the picture looks like a bear, but it may be some kind of stop at 90.dol ... but in general I think are going to 88 long ...
Crude oil futures fell in Asian trading on Thursday on news that stockpiles were on the rise in the U.S. and debt ratings were on the decline in Spain.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD91.14 a barrel on Wednesday, down 0.13%, off from a session high of USD91.28 and up from an earlier session low of USD9111.
The American Petroleum Institute, a trade association for U.S. oil and gas companies, reported earlier oil inventories rose by 1.65 million barrels last week, up from a gain of 460,000 in the week before.
Analysts were expecting crude stockpile to rise by 1.03 million barrels.
Rising stockpiles and a cooling global economy sent crude prices falling in early Asian trading.
Standard & Poor's, meanwhile, lowered Spain's long-term credit rating to 'BBB-' from 'BBB+' and cut its short-term credit rating to 'A-3' from 'A-2'.
The ratings agency said Spain's deepening economic recession is limiting the Spanish government's policy options and added that rising unemployment and spending constraints are likely to fuel social discontent and contribute to friction between Spain's central and regional governments.
Concerns that the European debt crisis continues to cool the global economy sent oil falling as well.
Ongoing Middle East unrest offset losses, especially over Turkey's insistence it will not allow Syrian unrest to spill over its border.
On the ICE Futures Exchange, Brent oil futures for November delivery were up 0.02% and trading at USD114.51 a barrel, up USD23.37 from its U.S. counterpart.
I think Oil is moving between the support and resistance level now. In my opinion, we should wait Oil until break the nearest support and resistance level.
If oil can break 92.04 level, I think Oil will continue the up trend today and has a potential to reach 93.61 resistance level or the yesterday's high. But if Oil can break 90.76 level, Oil may falls and the next target is at around 89.28 support level.
Together with natural gas, it makes up petroleum, which is Latin for "rock oil". Petroleum is basically a mix of naturally occurring organic compounds from within the earth that contain primarily hydrogen, carbon and oxygen. When petroleum comes straight out of the ground as a liquid it is called crude oil if dark and viscous, and condensate if clear and volatile. When solid it is asphalt, and when semi-solid it is tar. There is also natural gas, which can be associated with oil or found alone.
Crude oil comes in many forms. Usually it is black, but green, red or brown oils are not uncommon. Thin and volatile oils are called "light", whereas thick and viscous ones are "heavy". Light oils have an API gravity of 30 to 40 degrees, which means that the density is much less than 1.0 g/cc. These oils float easily on water. By contrast, some heavy oils have an API gravity of less than 12 degrees and are so dense that they sink, rather than float, in water.
Spoiler:
At the H4 chart, price is above the 12 EMA and 72 EMA indicates the trend is still up
21 RSI is above 50 indicates the trend is still up
Recommendation: BUY
Take profit: 93.52
On the daily charts movement of oil forming inverted hammer candlestick pattern with moderate RSI, stochastic increase and volume tend increase describing bearish from oil prices have gained support from the market. For further if 92.05 resistance can not be achieved anymore, oil could be bearish trend back with a low estimate in 90.25 tests.