Free Trial

Crude oil traded extremely flat on the Asia.....>

OIL: Crude oil traded extremely flat on the Asia session, last at $54.29. On the
overnight however crude oil inventories dropped further by 2.44mln barrels
extending a 5th week of declines, (not quite as bullish as the decline reported
by API previously,) investors weren't best pleased and the the price of crude
oil dropped 0.2% slightly winding down from the rally it made on API figures.
Cut extensions still expected from OPEC come their meeting at the end of
- MNI technical analysis sees support at $53.89 - Low Nov 1 and resistance at
$54.69 - Hourly resistance Nov 1. The rejection ahead of the daily bull channel
top is less than ideal for bulls given daily studies looking to correct from O/B
and the Bollinger top ($54.87) limiting follow through. The marginal break of
$53.93 has lacked follow through with bears now needing a close below $55.63 to
shift initial focus back to $52.86.

To read the full story



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.