Oil

[forexking2]

oil price rebounded trading down strongly after being found strong price ceiling near 93.00 and with the end of the contracts for the month of November, to continue trading sideways confined between the levels of the core, which now exist between support 88.15 and resistance 93.70

[raihan8212]

Crude oil futures extended Friday's losses into Monday as investors avoided the commodity after industry data revealed existing homes sales declined in the U.S. last month.

Weak corporate earnings pushed oil prices down also, further stoking market worries that a lackluster U.S. economy will need less fuels and energy to operate.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD89.91 a barrel on Monday, down 0.59%, off from a session high of USD89.93 and up from an earlier session low of USD89.89.

U.S. existing home sales in September fell in line with expectations, industry data revealed on Friday.

In a report, the National Association of Realtors said that home sales fell 1.7% to 4.75 million from 4.83 million in August, whose figure was revised up from 4.82 million.

Analysts had expected existing home sales to fall to 4.75 million last month, though crude fell anyway on sentiments the U.S. economy faces strong headwinds.

Earnings fueled the risk-off trading session even more.

Microsoft reported last week that its third-quarter net income fell 22% to USD4.47 billion, which missed expectations, while revenue fell 8% on year to USD16.01 billion.

General Electric, meanwhile, reported earlier that its third-quarter net income rose 8% to USD3.49 billion, while revenue rose 3% to USD36.35, missing market expectations.

Search giant Google released earnings earlier than planned late Thursday, which sparked confusion, and missed estimates as well.

The company reported revenue of USD14.10 billion, up 45% on year, though net income came to USD2.18 billion, down 20% on year and below expectations.

Fast-food giant McDonald's quarterly earnings fell 3.3% to USD1.46 billion, while revenue was basically flat at USD7.2 billion

On the ICE Futures Exchange, Brent oil futures for December delivery were down 0.55% and trading at USD109.53 a barrel, up USD19.62 from its U.S. counterpart.

[tradergalau]

The Oil prices suffered 1.7 % fall after the weak data on the U.S. labor market has been published. However, they were able to recover on the results of the report of index of the Philadelphia Fed business activity, which stands as leading indicators for business activity. The index in October was 5.7 points, beating the average forecast of analysts of 1.0 points and the September�s value of -1.9.The November futures price of WTI sort of oil closed at 91.96 dollars per barrel on the NYMEX today.

[Bieela_cute]

Crude oil futures sank to a two-week low on Friday, as mounting fears over the health of the global economy and a broadly stronger U.S. dollar dampened the appeal of the commodity.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December tumbled 2.2% Friday to settle at USD90.51 a barrel by close of trade.

Earlier in the session, prices touched a daily low of USD90.25 a barrel, the cheapest since October 9. On the week, oil futures declined 1.7%.

Market sentiment deteriorated after the European Union's closely-watched two-day summit ended Friday without major news to renew investor confidence in the region’s handling of its ongoing debt crisis.

In addition, Spain's prime minister signaled that Madrid was not ready to ask for a bailout, dampening market optimism the debt-strapped nation was moving closer to requesting a full-scale sovereign bailout.

A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would result in reduced borrowing costs for the debt-strapped nation. But Spain has been reluctant to do so because it may come with conditions on its budget.

Also Friday, a report from the National Association of Realtors showed that sales of previously owned homes fell 1.7% in September to a seasonally-adjusted annual rate of 4.75 million.

The data came as weaker-than-expected third quarter earnings results from General Electric, Microsoft and McDonald’s sapped investor demand for riskier assets, such as stocks and commodities.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, rose 0.4% Friday to settle the week at 79.72, the highest since October 16.

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

Oil futures were also hurt by increasing concerns over the outlook for global economic growth and its impact on future oil demand prospects.

Official data released earlier in the week showed that China’s third-quarter gross domestic product grew at an annualized rate of 7.4%, the weakest pace since the first quarter of 2009 and the seventh straight quarter of slower growth.

The Asian nation is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.

Meanwhile, weekly data from the U.S. Energy Department showed that crude oil supplies rose by 2.9 million barrels last week to 369.2 million barrels, the highest level for this time of year since 1982.

The American Petroleum Institute said Friday that U.S. oil demand in September fell 3.8% from a year earlier, to 18.2 million barrels a day, the second-lowest demand for the month since 1996.

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

But prices found mild support after TransCanada shut its Keystone pipeline for repairs for three days on Thursday, saying it found a "small anomaly" in a section running from Missouri to Illinois.

The pipeline moves approximately 590,000-barrels-a-day from Canada to Cushing, Oklahoma, the delivery point for New York futures.

Market players also continued to focus on escalating tensions between Syria and Turkey and the possibility that Iran could support Syria in such a dispute.

Tensions between Turkey and Syria have been growing since Syrian shells last week killed five people in a Turkish border village.

Countries in the Middle East and North Africa were responsible for 36% of global oil production and held 52% of proved reserves in 2011.

In the week ahead, investors will be focusing on U.S. data on third quarter economic growth, as well as the outcome of the Federal Reserve’s first policy meeting since the central bank announced a third round of quantitative easing in September.

In the euro zone, market participants will be closely watching Wednesday’s German business sentiment data, as well as preliminary data on manufacturing and service sector growth.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for December delivery dropped 2% Friday to settle at USD110.14 a barrel, the lowest since October 4.

The London-traded Brent contract lost 3% over the week, with the spread between the Brent and the crude contracts narrowing to USD19.63 a barrel.

London-traded Brent prices came under heavy selling pressure amid expectations production in the U.K.’s Buzzard oil field, the largest in the North Sea region, will resume operation over the weekend.

The oil field underwent maintenance in September and decreased the oil supply from the North Sea, providing support to Brent prices.

On Thursday, Wall Street investment bank Goldman Sachs cut its 2013 Brent oil price forecast to USD110 per barrel, compared to a previous estimate of USD130 per barrel.

[Bieela_cute]

OIL next week

Technical Analysis

Pivot: 90.70

Our Preference: LONG positions above 90.7 with 92.85 & 93.3 in sight.

Alternative scenario: The downside penetration of 90.7 will call for a slide towards 90.3 & 89.8.

Comment: the RSI is mixed with a bullish bias.

Trend: ST Bullish; MT Range

Key levels Comment

93.7** Intraday resistance
93.3** Intraday resistance
92.85** Intraday resistance
92.12 Last
90.7** Intraday pivot point
90.3** Intraday support
89.8** Intraday support

[raihan8212]

Crude oil futures edged lower on Friday, as Thursday's mixed U.S. economic reports weighed on investor confidence, although a supply disruption in the Midwest supported prices.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD92.44 a barrel during European morning trade, slipping 0.08%.

On Thursday, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 7.6 points to 5.7 in October from September�s reading of minus 1.9.

Analysts had expected the index to improve by 2.9 points to a reading of 1.0 in October.

The report came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 46,000 to a seasonally adjusted 388,000, compared to expectations for an increase of 23,000 to 365,000.

The previous week�s figure was revised up to 342,000 from a previously reported 339,000, which was the lowest reading since February 2008.

But oil prices remained supported after TransCanada shut the Keystone pipeline for repairs, saying it found a "small anomaly" in a section running from Missouri to Illinois.

In addition, government data this week showed improving U.S. crude demand is being met by increased supplies.

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

Separately, investors were looking ahead to a second day of talks at a European Union summit, although no major announcements on Spain or Greece were expected.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery eased 0.02% to trade at USD112.43 a barrel, with the spread between the Brent and crude contracts standing at USD19.99 a barrel.

---------- Post added at 07:39 PM ---------- Previous post was at 07:28 PM ----------

Crude oil futures turned higher Friday, as Thursday's conflicting U.S. economic reports and a supply disruption in the Midwest pressured the commodity complex.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD92.53 a barrel during European trade, adding 0.03%.

Starting the conflicting data on Thursday, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 7.6 points to 5.7 in October from September�s reading of minus 1.9.

Analysts had expected the index to improve by 2.9 points to a reading of 1.0 in October.

The report came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 46,000 to a seasonally adjusted 388,000, compared to expectations for an increase of 23,000 to 365,000.

The previous week�s figure was revised up to 342,000 from a previously reported 339,000, which was the lowest reading since February 2008.

However, oil prices remained supported after TransCanada shut the Keystone pipeline for repairs, saying it found a "small anomaly" in a section running from Missouri to Illinois.

In addition, government data this week showed improving U.S. crude demand is being met by increased supplies.

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

Separately, investors were looking ahead to a second day of talks at a European Union summit, although no major announcements on Spain or Greece were expected.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery eased 0.02% to trade at USD112.43 a barrel, with the spread between the Brent and crude contracts standing at USD19.99 a barrel.

---------- Post added 10-20-2012 at 12:26 AM ---------- Previous post was 10-19-2012 at 07:39 PM ----------

Crude oil futures dropped in U.S. trading on Friday after industry data revealed existing homes sales declined in the U.S. last month.

Weak corporate earnings pushed oil prices down also, fueling concerns that a sluggish U.S. economy will need less fuels and energy to operate.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD90.83 a barrel on Friday, down 1.84%, off from a session high of USD93.49 and up from an earlier session low of USD90.39.

U.S. existing home sales in September fell in line with expectations, industry data revealed on Friday.

In a report, the National Association of Realtors said that home sales fell 1.7% to 4.75 million from 4.83 million in August, whose figure was revised up from 4.82 million.

Analysts had expected existing home sales to fall to 4.75 million last month, though crude fell anyway on sentiments the U.S. economy faces strong headwinds.

Earnings fueled the risk-off trading session even more.

Microsoft reported late Thursday that its third-quarter net income fell 22% to USD4.47 billion, which missed expectations, while revenue fell 8% on year to USD16.01 billion.

General Electric, meanwhile, reported earlier that its third-quarter net income rose 8% to USD3.49 billion, while revenue rose 3% to USD36.35, missing market expectations.

Search giant Google released earnings earlier than planned late Thursday, which sparked confusion, and missed estimates as well.

The company reported revenue of USD14.10 billion, up 45% on year, though net income came to USD2.18 billion, down 20% on year and below expectations.

Thursday's U.S. employment data dampened appetite for risk as well.

The U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 46,000 to a seasonally adjusted 388,000, compared to expectations for an increase to 365,000.

The previous week�s figure was revised up to 342,000 from a previously reported 339,000, which was the lowest reading since February 2008.

Meanwhile in Europe, Spanish Prime Minister Mariano Rajoy said his government felt it was under no pressure to seek a bailout, which pressured oil down further.

Requesting financial assistance would allow Spain to tap the European Central Bank's bond-buying program, which would lower yields in Spanish government debt auctions and ease credit conditions in the country.

Investors shrugged off production snags involving the Keystone pipeline and in the North Sea.

On the ICE Futures Exchange, Brent oil futures for December delivery were down 1.43% and trading at USD110.81 a barrel, up USD19.98 from its U.S. counterpart.

[David7]

~~~~Uncertainty of oil a bit fed up, the price does not let the south, but also higher than the 93.00 price can not leave, but the bulls are increasingly running out, most likely have to wait until the breakdown of the northern level 93.00 (and then you can buy), and I think he will begin after the end of the current growing trend of the dollar index.~~~~

[David7]

`````Uncertainty of oil a bit fed up, the price does not let the south, but also higher than the 93.00 price can not leave, but the bulls are increasingly running out, most likely have to wait until the breakdown of the northern level 93.00 (and then you can buy), and I think he will begin after the end of the current growing trend of the dollar index.`````

[David7]

/////Uncertainty of oil a bit fed up, the price does not let the south, but also higher than the 93.00 price can not leave, but the bulls are increasingly running out, most likely have to wait until the breakdown of the northern level 93.00 (and then you can buy), and I think he will begin after the end of the current growing trend of the dollar index.////

[David7]

||||||||Uncertainty of oil a bit fed up, the price does not let the south, but also higher than the 93.00 price can not leave, but the bulls are increasingly running out, most likely have to wait until the breakdown of the northern level 93.00 (and then you can buy), and I think he will begin after the end of the current growing trend of the dollar index.|||||||