Oil

[shanmun]

Initial resistance is now at 98.00 (Intraday resistance) followed by 100.00 (Intraday Resistance). ........

[raihan8212]

Crude oil futures were little changed during European morning hours on Thursday, as investors digested data showing China�s economy grew at the weakest rate since the first quarter of 2009, while awaiting the start of a two-day summit of European leaders later in the day.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD92.59 a barrel during European morning trade, unchanged on the day.

The December contract was stuck in a tight trading range of USD92.33 a barrel, the daily low and a session high of USD92.69 a barrel.

Official data released earlier showed that China's economy grew 7.4% in the third quarter compared to a year earlier, slowing from 7.6% in the previous three months.

It was the weakest GDP reading 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.

Markets now looked ahead to the start of a two-day European Union summit on Thursday, although no major announcements on Spain or Greece were expected.

Market players have been anticipating for the past month that the Spanish government would ask for a full-scale sovereign bailout.

A bailout would allow the ECB 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.

The yield on Spanish 10-year government bonds was at a multi-month low of 5.44%.

Oil prices ended flat on Wednesday, as stronger-than-expected U.S. housing data was countered by a larger-than-expected buildup in U.S. crude stocks last week.

Official data showed that U.S. housing starts rose by 15% in September, the fastest pace since July 2008, adding to hopes that the U.S. economic recovery is gaining momentum.

Meanwhile, weekly data from the U.S. Energy Department showed that crude oil supplies rose by 2.9 million barrels last week, above expectations for a 1.7 million barrel increase.

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

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.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery eased up 0.2% to trade at USD113.46 a barrel, with the spread between the Brent and crude contracts standing at USD20.87 a barrel.

London-traded Brent prices have been well-supported in recent sessions, as a combination of lingering concerns over a disruption to supplies from the Middle East and worries over declining production in the North Sea-region have been boosting prices.

Despite recent gains, Wall Street investment firm Goldman Sachs cut its oil price forecast for 2013 to USD110 a barrel, compared to a previous estimate of USD130 a barrel.

[ahmed fakhry]

The Crude oil futures pulled back to previous day lows after the supply of crude oil rose in the U.S. to the highest level for this time of year. The Department of Energy reported that crude oil in the U.S. inventories rose by 2.86 million barrels to 369.23 million barrels. The WTI, the Light Sweet Crude Oil fell sharply to 91.55 dollars a barrel from touched today’s $92.85 levels.

[secret alibi]

On the daily charts, the flat-stochastic and RSI indicators confirm the period of consolidation of the oil that is being experienced now.
It was also demonstrated by the lack of price movement between the moving averages 50 and 100 in recent days.
However, the candle stick "pin" that is trying to set up signaled a potential fall. Short positions are suitable for short-term stop-loss and target 93.00 90.00 downfall.
Required daily close below 89.70 to be able to open a further reduction target 87.70.
92.80 and 93.60 (highs 17 and October 10) is resistant. 91.00 and 90.60 (the lowest price October 10 and 25 September) is support.

Resistance levels: 92.80, 93.60, 94.00
Support Level: 91.00, 90.60, 89.80
Trend: Sideways

[forexking2]

The price of oil remains stuck between the central levels clearly shown during yesterday's candle , where the wait exceeded one of the parties to the scope of yesterday's trading to confirm the path of the next intraday price

[ashaab]

The short term trend of the Oil is to the upside. Intraday trading range of the Oil is expected among key support at 90.00 and key resistance at 95.20. Based upon my chart analysis, I prefer to buying the oil around 91.75 with targets 93.35 then 95.20 and stoploss with four hour closing below 90.70.

[raihan8212]

Crude oil futures fell in Asian trading on Thursday after the U.S. government revealed the stockpiles are on the rise.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD92.42 a barrel on Thursday, down 0.18%, off from a session high of USD93.26 and up from an earlier session low of USD92.00.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories jumped by 2.86 million barrels in the week ended October 12, well above expectations for an increase of 1.68 million barrels.

Total U.S. crude oil inventories stood at 369.2 million barrels as of last week.

Total motor gasoline inventories gained by 1.72 million barrels, outpacing expectations for a gain of 480,000 barrels

The news served as crude's chief steering current, as investors shrugged off gains in the housing sector.

The U.S. Census Bureau reported earlier that housing starts rose 15% in September to a seasonally adjusted 872,000 units, far surpassing market calls for a 2.7% increase to 770,000.

The U.S. government added that the number of building permits issued in September rose 11.6% to a seasonally adjusted 894,000, beating out expectations for a 1.1% gain to 810,000.

Talk that Spain may be moving closer to requesting a bailout boosted prices of Brent crude.

On the ICE Futures Exchange, Brent oil futures for December delivery were up 0.04% and trading at USD113.14 a barrel, up USD21.72 from its U.S. counterpart.

[Bieela_cute]

The 10/15 low is viewed as the latest pivot so respect potential for a return to 9400 and perhaps the 61.8% retracement of the decline from 10040 at 9553. However, new longs at the top of the range (current level) aren�t wise given current range conditions. I don�t see a trade here.

LEVELS: 8795 8976 9133 9363 9450 9553

[raihan8212]

U.S. crude oil inventories rose more-than-expected last month, official data showed on Wednesday.

In a report, Energy Information Administration said that U.S. Crude Oil Inventories rose to a seasonally adjusted annual rate of 2.860M, from 1.672M in the preceding month.

Analysts had expected U.S. Crude Oil Inventories to rise 1.675M last month.

Crude oil futures fell to the lowest level of the session during U.S. morning hours on Wednesday, turning lower after a U.S. government report showed oil supplies rose more-than-expected last week.

Oil prices remained supported as appetite for riskier assets improved following the release of stronger-than-expected U.S. housing data and after Moody's affirmed Spain's sovereign rating at investment ****e.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD92.39 a barrel during U.S. morning trade, easing down 0.15%.

The December contract rose by as much as 0.8% earlier in the day to hit a session high of USD93.26 a barrel.

Prices traded at USD92.99 a barrel prior to the release of the EIA data.

The U.S. EIA said in its weekly report that U.S. crude oil inventories increased by 2.9 million barrels in the week ended October 12, compared to expectations for a 1.7 million barrel increase.

Total U.S. crude oil inventories stood at 369.2 million barrels as of last week.

Total motor gasoline inventories increased by 1.7 million barrels, compared to expectations for a gain of 0.48 million barrels.

New York-traded crude prices were higher earlier in the session after the Commerce Department said U.S. housing starts rose by 15% last month to a seasonally adjusted annual rate of 872,000 units, the fastest rate since July 2008 and easily outstripping expectations for a 2.7% increase.

Housing starts for August were revised up to 758,000 million units from a previously reported 750,000 million units.

Building permits grew by 11.6% to a 894,000-unit pace in September, while August's permits were unrevised at 801,000 units.

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

Oil prices were also underpinned after rating agency Moody's affirmed its Baa3 investment ****e sovereign rating on Spain late Tuesday, easing fears of an imminent down****e to junk status.

In a report, Moody�s expressed confidence that reforms enacted by the Spanish government and support from the euro zone would ensure that Madrid had continued access to the credit market.

The yield on Spanish 10-year bonds fell to 5.49% following the announcement, the lowest level since April.

Speculation that the debt-strapped nation was moving closer to requesting a bailout further supported sentiment, after Spanish government officials said earlier in the week they were exploring the option of requesting a credit line from the European Stability Mechanism, in order to satisfy the terms of the European Central Bank�s bond buying program.

A bailout would allow the ECB 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.

European Union policymakers will hold a two-day summit in Brussels starting on Thursday to discuss ways to firewall and extinguish the debt crisis as well as Greece's steps towards fiscal recovery.

Market players also looked ahead to Chinese third quarter growth figures due out on Thursday to gauge whether the world second largest economy is heading towards a hard or a soft landing.

Market analysts expect the data to show China's annual growth slowed for a seventh straight quarter in the July-September period to the weakest level since the depths of the 2009 global financial crisis.

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

Concerns over declining global oil demand have intensified in recent sessions after the International Energy Agency last week cut its demand growth forecast for next year, citing lower consumption in Europe, the Americas and China.

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.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery shed 0.65% to trade at USD113.28 a barrel, with the spread between the Brent and crude contracts standing at USD20.89 a barrel.

London-traded Brent prices have been well-supported in recent sessions, as a combination of lingering concerns over a disruption to supplies from the Middle East and worries over declining production in the North Sea-region have been boosting prices.

[erumozor]

the oil in the news is very i am using fundamental to trade so to me i will advice all to be in a good buy position but you must always check the nearest resistance and set your profit on that level just be watchful