Nymex Crude Oil (CL) Crude oil edged higher to 72.55 but upside momentum remains unconvincing. Nevertheless, another rise is still mildly in favor with 68.16 support intact. Break of 73.16 will indicate…
Category: Oil
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil retreats sharply after rising to 7.197 and hit near term trend line resistance. With 4 hours MACD crossed below signal line, intraday outlook is turned neutral…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) While intraday upside momentum in crude oil is not too convincing, further rise is still in favor with 68.16 minor support intact. Break of 73.16 will indicate that…
Oil Price Drops Despite Draw in Crude Stocks. Investors Worry About Fuel Demands
Crude inventory drew -0.98 mmb, compared with consensus of +2 mmb increase, to 337.4 mmb in the week ended October 2.Cushing also dropped -1.41 mmb. However, fuel stockpiles gained with gasoline stock…
Crude Remains Under Pressure as Recovery Worries Linger
Crude oil price continues to edge lower gradually as economic data released in Europe failed to deliver a concrete message for sustainable economic recovery. Stock markets trade sideways, awaiting more clues on…
Crude Oil Weekly Technical Outlook
Nymex Crude Oil (CL) Crude oil’s rebound from 65.05 extended further to as high as 69.93 last week and the strength of the rebound mixed up the near term outlook. With 4…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s rebound loses some steam ahead of 73.16 resistance but still, further rise is mildly in favor with 68.10 minor support intact. As discussed before, the corrective…
Crude Oil Price Weakens as Investors Take Profits Ahead of US Employment Data
Crude oil price retreats below 70 as investors take profit ahead of the US employment report. Indicators released earlier this week have been rather mixed and ’employment’ components have surprised to the…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s strong rebound from 65.05 is still in progress and breaches 70 level. The impulsive look of the rebound dampens our bearish view and in turn argue…
Oil Price Has Little Change Depsite IMF’s Upgrades
Hovering around 70, the benchmark contract for crude oil changes little ahead of US opening. IMF’s upgrades on economic forecasts and OPEC’s production cut in September are bullish factors but investors probably…