Oil

[thankyou01]

Live trading in the Forex market can be intimidating when you are doing it for the first time.

[Robi]

It looks like oil went to a retreat from the northern slope of the channel bottom, now the price began to form a new wave of North, the main signal to buy the breakout happens horizontal resistance 87.30 (nearest strong level) - then open the way to the top of the channel.

[forexking2]

Expected trading range for today is between: Support 82.00 Resistance 87.00
General tendency is expected for the day: Down

[raihan8212]

Crude oil futures inched lower in Asian trading on Tuesday on news a key refinery won't resume normal output for two to three weeks for workers to clean up after Superstorm Sandy, which will crimp demand.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.60 a barrel on Tuesday, down 0.06%, off from a session high of USD85.80 and up from an earlier session low of USD85.58.

Crude oil traded higher in recent sessions as the northeast continued to dig out after Sandy, which will mean more demand for fuels and energy as the power comes back on for many and motorists resume commuting to work.

However, Phillips 66 announced earlier that it had wrapped up a post-storm assessments at its 238,000 barrels-per-day Bayway Refinery and said in a statement that it expects the refinery to resume normal operations in two to three weeks, which crimped oil prices slightly.

Still other refineries in the northeastern U.S. continue to throttle up operations, which gave oil support throughout the session.

Meanwhile, global uncertainty also dampened demand for the commodity.

China continues to show signs that its once red-hot economy is cooling its growth, while in Europe, fears the debt crisis will heat up anew are brewing.

The Greek government is facing backlash from coalition members concerning proposed wage cuts and other austerity measures in exchange for bailout money, and fears the balking lawmakers may threaten the flow of bailout money kept oil from gaining.

On the ICE Futures Exchange, Brent oil futures for December delivery were down 0.42% and trading at USD107.64 a barrel, up USD22.04 from its U.S. counterpart.

[Bieela_cute]

CRUDE OIL:
The black gold continues to stall above 85.00. This area is reinforced by 83.76 which is the 50.0% retracement level. We see short-term resistance at the 38.2% level of 87.66. A move higher can test the falling trend line resistance now at 91.36. A move beneath 83.76 can test 80.00 and then 79.84.

DISCLOSURE And DISCLAIMER:
The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader

[Vamos]

oil today showed a rise to around 85.90 dollars .. and that the more there is a stop before District 86 USD viewed as the level of support and resistance .... so now I think with a very small foot can try to go in a short ... it will fall back to 85 ...

[Robi]

Climbed into the sale of oil, today the price downtrend continued formation, a few hours ago the breakdown of 85.25, and the pair started consolidation, I think we come to exactly 85.00 (if the sample will add another 85.00 per sale).

[raihan8212]

Crude oil futures were little changed near the lowest level in almost four months during U.S. morning hours on Monday, as investors stuck to the sidelines amid uncertainty ahead of the upcoming U.S. presidential elections.

Oil futures were pressured by growing concern over a slowdown in demand from the U.S. Northeast, as refineries in the region remained closed after Hurricane Sandy made landfall in the area last week.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD84.87 a barrel during U.S. morning trade, nearly flat on the day.

New York-traded oil prices traded in a range between USD85.34 a barrel, the daily high and a session low of USD84.36 a barrel, which was the cheapest level since July 12.

Markets were focused on the outcome of Tuesday�s U.S. elections, with opinion polls pointing to a close race between incumbent President Barack Obama and Republican challenger Mitt Romney.

If the election comes down to a thin margin in a swing state such as Ohio, the outcome could be delayed for days or weeks.

Oil futures were weighed amid concerns over demand lost in the Northeast in the aftermath of Hurricane Sandy.

Hess Corporation�s Port Reading and Phillips 66�s Bayway refineries in New Jersey remained shut, curbing demand for crude a week after the storm struck the U.S. East Coast.

Worries over a slowdown in U.S. oil demand intensified after weekly U.S. oil supply data showed that inventories exceeded 370 million barrels as of last week, the most for this time of year in at least 30 years.

The U.S. is the world�s biggest oil consuming country, responsible for almost 22% of global oil demand.

Greece was also on investors mind, as the country�s parliament prepared to vote on the latest rounds of austerity measures on Wednesday, which could determine if Athens receives its next tranche of financial aid.

Elsewhere in the euro zone, markets continued to eye developments surrounding Spain, amid ongoing uncertainty over whether the debt-strapped country is moving closer to formally requesting a bailout from its euro zone partners.

Oil prices were lower earlier in the day, as the U.S. dollar rose to a five-week high against the euro, after Friday�s stronger-than-expected U.S. jobs report prompted investors to trim back expectations for another round of quantitative easing by the Federal Reserve.

The U.S. Department of Labor said the economy added 171,000 jobs in October, beating forecasts for an increase of 125,000. The unemployment rate ticked up to 7.9% from 7.8% in September as more people re-entered the labor force.

The dollar index, which tracks the performance of the U.S. dollar against a basket of six other major currencies, was up 0.25% to trade at 80.85, the highest level since September 7.

Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery declined 0.3% to trade at USD105.39 a barrel, with the spread between the Brent and crude contracts standing at USD20.52 a barrel.

[hodhod2000]

The trading range for this week is expected among the major support at 80.00 and the major resistance at 87.70.

The short-trend trend is to the upside with steady weekly closing above 78.00, targeting 104.65 and 110.55

[raihan8212]

Crude oil futures rebounded in Asian trading on Monday, regaining some strength after falling on reports that U.S. refineries weathered Superstorm Sandy and have begun to come online.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD84.92 a barrel on Monday, up 0.08%, off from a session high of USD84.98 and up from an earlier session low of USD84.73.

Seven refineries carrying a combined capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy in recent days, though their eventual return to operations began to add oil derivatives to a market that is already awash in supply, which sent oil prices dropping last week.

Elsewhere, U.S. government temporarily waived the Jones Act, a move that allowed foreign tankers to haul fuels from Gulf Coast to refineries in the storm-stricken northeastern U.S.

The Jones Act requires ships moving goods from port to port within the U.S. to be domestically built and crewed.

The news sent oil falling though prices regained composure on Monday after bargain hunters felt the commodity had fallen enough, especially since U.S. refining capacity has yet to fully reach pre-storm levels.

Commodities traded lower on a stronger dollar ahead of Tuesday's presidential elections in the U.S.

Polls show that President Barack Obama and his challenger, Republican Mitt Romney, are running neck and neck, with no clear winner coming down to the wire, which kept many investors seeking safe-harbor asset classes.

On the ICE Futures Exchange, Brent oil futures for December delivery were down 0.16% and trading at USD105.58 a barrel, up USD20.66 from its U.S. counterpart.