Free Trial

Again quiet on the Asia-Pac session for crude...>

OIL
OIL: Again quiet on the Asia-Pac session for crude oil but holding gains above
$52, crude oil last at exactly $52. Thursday's crude oil inventories are
surveyed to show a decline in inventories and Wednesday will bring API
government data which is also forecast to show stocks are lower. High levels
seen represent a risky geo-political climate for oil amid tensions in Iraq and
Kurdistan, U.S. Secretary of State Rex Tillerson on Monday urged the two regions
to resolve their conflict, at the same tome OPEC work to get supplies under
control.
- MNI technical analysis sees support at $51.68 - Low Oct 23 and resistance at
$52.39 - Hourly resistance Oct 19. Topside hesitation ahead of the $52.65-53.11
region is less than ideal for bulls who need a close above to shift focus to
$53.73-55.03 where the bull channel top ($54.91) is located. Bulls took comfort
in the bounce from ahead of the 200-DMA ($50.67) Friday. Layers of support
remain $48.68-50.87. Bears need a close below the 200-DMA to gain breathing room
and below the 55-DMA ($50.00) to pressure $48.68-49.44.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.