Free Trial

Extremely flat session for Crude oil, moving....>

OIL
OIL: Extremely flat session for Crude oil, moving within a range of $0.09, last
at $51.42.
- On the overnight crude oil dipped as U.S. Stock inventories increased and
Iraqi engineers began to replace output in oil rich Kirkuk after reclaiming the
province. Gas storage counts were up but by a lot less than previous at 51 from
87 and lower than surveyed at 53.
- Baker Hughes Rig Count on Friday.
- MNI Technical Analysis sees support at $51.42 - 21-DMA and resistance at
$51.92 - Low Oct 18 now resistance. 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 ($54.77) is located. The $51.28 support
is now key with bears needing a close below to confirm a break of the 21-DMA and
shift immediate focus back to $49.44-50.13 where the 55-DMA is noted ($49.96). A
close below the 200-DMA would add weight to the bearish case.

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.