Oil

[forexking2]

the price of oil still between levels 92.75 and 91.45, and narrow-band controls the trading intraday, while we are waiting to confirm our price destination coming through exceeded a level referred to it, as the penetration level of 92.75 would negate probability of forming a model head and shoulders can be seen through thethe picture above, while breaking the 91.45 will be open neckline orientation assumed for this model at 88.00

[alskndry]

Oil has broken the resistance level at 92.04. Although the momentum is weak, I think Oil has a potential to reach the resistance level at 93.61 or higher. But this bullish scenario can fail if Oil can break the yesterday's low at 91.25

[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 target 93.35 then 95.20 and stoploss with four hour candle closing below 90.70.

[raihan8212]

Crude oil futures traded flat during U.S. afternoon hours Tuesday, as investors continued to hope that Spain will be bailed out by the European Central Bank lifting risk appetite globally.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD92.26 a barrel during U.S. afternoon trade, easing lower 0.01%%.

The December contract fell by as much as 0.5% earlier in the session to hit a daily low of USD91.88 a barrel.

Sentiment strengthened after two senior German lawmakers indicated that they would support a Spanish application for a �precautionary credit line� from the European Stability Mechanism, the euro zone�s permanent bailout fund.

On Monday, Spanish government officials said they were exploring the option of requesting a credit line from the ESM, in order to satisfy the terms of the European Central Bank�s bond buying program, but then not using it, instead waiting for borrowing costs to fall.

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.

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.

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 Wednesday�s government report could show crude stockpiles rose by 1.4 million barrels last week.

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

Market players were also looking forward 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.

Official data released Monday showed that Chinese consumer prices rose 1.9% in September from the year-ago period, in line with expectations and down from 2.0% in August, while producer price inflation fell 3.6%, also in line with expectations.

The data came after a report over the weekend showed that Chinese exports grew 9.9% on the year in September, above expectations for a 5.5% gain and increasing from 2.7% in August. Imports rose 2.4% from a year earlier, in line with expectations.

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

But prices remained supported after the European Union tightened sanctions on Iran�s energy exports, following an oil embargo earlier this year.

Market participants 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 fell 0.45% to trade at USD113.91 a barrel, with the spread between the Brent and crude contracts standing at USD21.80 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.

---------- Post added at 07:53 AM ---------- Previous post was at 07:51 AM ----------

Crude oil futures rose in Asian trading on Wednesday on rekindling hopes that Spain will request a bailout, which would alleviate the European debt crisis and possibly usher in a period of more growth and increased demand for fuels and energy.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD92.86 a barrel on Wednesday, up 0.35%, off from a session high of USD92.92 and up from an earlier session low of USD92.81.

Optimism for a Spanish bailout sparked demand for crude, a growth-sensitive commodity.

Reports that two senior German lawmakers indicated that they would support a Spanish application for a ‘precautionary credit line’ from the European Stability Mechanism, the eurozone's permanent bailout fund, sent the oil gaining amid a risk-on session.

Spain has yet to request a bailout from its neighbors, which has weakened commodities in recent sessions, though the government is reportedly mulling requesting a credit line from the ESM, which would allow the European Central Bank to buy Spanish sovereign debt and lower borrowing costs.

A bailout would be seen as a step toward growth for the eurozone, which would be bullish for oil.

Elsewhere, Moody's Investors Service confirmed Spain's Baa3 government bond rating as well as the country's short-term rating at (P)Prime-3, which sparked more demand for risk as well as did inflation data out of the U.S.

The U.S. Labor Department reported earlier that its month-on-month consumer price index rose by 0.6% in September, above expectations for a 0.5% gain basically due to higher gasoline prices.

Consumer prices rose at an annualized rate of 2.0% last month, compared to expectations for a 1.9% increase and up from 1.7% in August.

Core inflation rates, stripped of volatile food and energy prices, revealed the prices remain stable in the U.S.

Core inflation rates rose 2.0% on year, in line with expectations and up from 1.9% in August.

Month-on-month core inflation rates dropped 0.1% in September.

Production snags in North Sea oilfields coupled with expectations that U.S. stockpiles are rising continued to keep a wide gap between U.S. and European blends of crude.

On the ICE Futures Exchange, Brent oil futures for December delivery were up 0.11% and trading at USD113.92 a barrel, up USD21.06 from its U.S. counterpart.

---------- Post added at 08:00 AM ---------- Previous post was at 07:53 AM ----------

Crude oil futures rose in Asian trading on Wednesday on rekindling hopes that Spain will request a bailout, which would alleviate the European debt crisis and possibly usher in a period of more growth and increased demand for fuels and energy.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD92.86 a barrel on Wednesday, up 0.35%, off from a session high of USD92.92 and up from an earlier session low of USD92.81.

Optimism for a Spanish bailout sparked demand for crude, a growth-sensitive commodity.

Reports that two senior German lawmakers indicated that they would support a Spanish application for a �precautionary credit line� from the European Stability Mechanism, the eurozone's permanent bailout fund, sent the oil gaining amid a risk-on session.

Spain has yet to request a bailout from its neighbors, which has weakened commodities in recent sessions, though the government is reportedly mulling requesting a credit line from the ESM, which would allow the European Central Bank to buy Spanish sovereign debt and lower borrowing costs.

A bailout would be seen as a step toward growth for the eurozone, which would be bullish for oil.

Elsewhere, Moody's Investors Service confirmed Spain's Baa3 government bond rating as well as the country's short-term rating at (P)Prime-3, which sparked more demand for risk as well as did inflation data out of the U.S.

The U.S. Labor Department reported earlier that its month-on-month consumer price index rose by 0.6% in September, above expectations for a 0.5% gain basically due to higher gasoline prices.

Consumer prices rose at an annualized rate of 2.0% last month, compared to expectations for a 1.9% increase and up from 1.7% in August.

Core inflation rates, stripped of volatile food and energy prices, revealed the prices remain stable in the U.S.

Core inflation rates rose 2.0% on year, in line with expectations and up from 1.9% in August.

Month-on-month core inflation rates dropped 0.1% in September.

Production snags in North Sea oilfields coupled with expectations that U.S. stockpiles are rising continued to keep a wide gap between U.S. and European blends of crude.

On the ICE Futures Exchange, Brent oil futures for December delivery were up 0.11% and trading at USD113.92 a barrel, up USD21.06 from its U.S. counterpart.

[Bieela_cute]

My most recent comment was that “crude’s sharp rally failed just shy of 94.00, which is clearly an important level. The 8/30 and 9/7 lows, and 9/21 high are at 93.93, 94.08, and 93.81. Today’s rally reversed just shy of the zone at 93.63. Once again, crude also failed to close above the 38.2% retracement of the decline from 100.40. Another run on resistance can’t be ruled out of course but the weight of evidence is bearish.” Crude fell but reversed sharply at the 61.8% retracement of the rally from 8766 yesterday. The reaction suggests that bearish now is wrong, that market will return to 9400 and perhaps test the 61.8% retracement of the decline from 10040 at 9553.

LEVELS: 8795 8976 9133 9363 9450 9553

[forexking2]

The trading range for today is among the key support at 89.00 and the key resistance at 95.20
The short term trend is to the upside target at 104.65 then 110.55 steady weekly closing above 78.00

[ahmed fakhry]

Futures of oil showed a big intraday down move falling by almost 2.5% after the Empire Manufacturing index rose in October up to -6.16 points from September's -10.41 points, however, recording less increase that it was expected by analysts. The November WTI futures fell in the moment to the lowest level since the beginning of October, $89.79 dollars a barrel at the New York Mercantile Exchange.

[raihan8212]

Crude oil futures were flat during European morning hours on Tuesday, as concerns about future oil demand prospects continued to weigh on prices.

Futures drew support from rising geopolitical tensions in the Middle East, amid fears over a disruption to supplies from the region.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD92.05 a barrel during European morning trade, easing down 0.3%.

The December contract was stuck in a tight trading range of USD92.64 a barrel, the daily high and a session low of USD91.97 a barrel.

Investors continued to hope that Spain will formally request a bailout in the coming weeks and activate a bond buying program by the European Central Bank.

The Wall Street Journal and Financial Times each cited an unnamed Spanish official in separate reports Monday as saying Madrid is ready to request a credit line from the ECB.

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.

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.

Oil traders 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.

Official data released Monday showed that Chinese consumer prices rose 1.9% in September from the year-ago period, in line with expectations and down from 2.0% in August, while producer price inflation fell 3.6%, also in line with expectations.

The data came after a report over the weekend showed that Chinese exports grew 9.9% on the year in September, above expectations for a 5.5% gain and increasing from 2.7% in August. Imports rose 2.4% from a year earlier, in line with expectations.

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

But prices remained supported as investors focused 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.

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.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery eased down 0.3% to trade at USD114.03 a barrel, with the spread between the Brent and crude contracts standing at USD21.97 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.

[hodhod2000]

The trading range for today is expected among the major support at 89.00 and the major resistance at 95.20.
The short-trend trend is to the upside with steady weekly closing above 78.00, targeting 104.65 and 110.55.78.00, targeting 104.65 and 110.55.

[VANDA_S]

At the H4 chart, the price is below 12 EMA and 72 EMA indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Take profit: 89.72