Oil

[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

[ashaab]

The short term trend of the Oil is to the upside. Intraday trading range of the Oil is expected among key support at 89.00 and key resistance at 95.20. Based upon my chart analysis, I prefer to buying the Oil around 90.75 with targets 91.70 then 93.35 and stoploss with four hour candle closing below 90.00.

[wasimanjum]

ooil ki keemtay kafi arasy sa bht thk chl rae hai shayd dunya ma jo libian clash hai ye uski waja hai. lakin recently oil ke keemat ab neechay a gae hai or us na 95 ko tor dia hai. is na ba tk koi signal ni dia k ye up ho ga shayd yae down ma jay

[forexking2]

Expected trading range for today is between: Support 89.00 Resistance 95.00
General tendency is expected for today: neutral

[tradergalau]

A great pin bar candle has appeared on Oil (Daily time frame). So, according to that candle, I think Oil may goes up today. Oil may breaks the 92.04 resistance level and continue
going up to the higher resistance level at 93.61 or even higher.

[raihan8212]

Crude oil futures fell in Asian trading on Tuesday on market concerns that the U.S. government will reveal in a weekly report that its stockpiles are on the rise, reflecting less demand for energy and fuels.

Softer-than-expected manufacturing data out of the U.S. pushed oil prices down as well.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD92.24 a barrel on Tuesday, down 0.09%, off from a session high of USD92.31 and up from an earlier session low of USD92.17.

The U.S. Department of Energy will release its weekly report on crude inventories Wednesday, and concerns are brewing the numbers will disappoint, especially after the International Energy Agency trimmed its forecasts for 2012 and 2013 oil demand by 100,000 barrels a day for each year.

A report showing that manufacturing activity in New York state contracted for the third consecutive month sent oil prices falling, as weak activity in the country's factories depicts an economy in less need of fuels and energy.

The New York Federal Reserve's index of manufacturing conditions improved to -6.2 in October from -10.4 in September, but missed analysts' predictions for a reading of around -4.5

Oil did see support on stronger-than-expected U.S. sales figures.

The Commerce Department reported earlier that retail sales rose by a seasonally adjusted 1.1% in September, outpacing market calls for a 0.8% increase.

Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.

Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.

Ongoing concerns that Europe and China face building headwinds kept oil prices lower as well.

On the ICE Futures Exchange, Brent oil futures for December delivery were up 0.12% and trading at USD114.50 a barrel, up USD22.26 from its U.S. counterpart.

[hodhod2000]

The trading range for this week 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.

[raforex]

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