Crude Oil futures traded steadied zigzagged for the day on mixed economic outlook and depressed demand. The bullish inventory data and riots in Greece on austerity measures kept oil prices fluctuated near $88 trading in narrow range.
US commercial crude oil inventories fell by 4.72 mb to 332.9 mb while gasoline stockpiles dropped by 3.32 mb to 206.3 mb in the week ended Oct 14.
Natural gas futures pared losses traded above $3.60 rallied more than 1% on expectation of slightly bullish inventory data despite weak spot demand on moderate weather conditions. Natural gas stockpiles are expected to rise by 110 Bcf against prior increase of 112 Bcf.
The restored confidence in equity and oil markets as a result of continuous efforts of EU leaders in supporting oil prices to trade higher.
We expect oil prices to continue up side on speculation of positive outcome from Germany and G20 meeting in the weekend. NYMEX crude oil has resistance at $90.50, support at $87.
Crude Oil S1: 4250 S2: 4210, R1: 4300, R2: 4360
Natural Gas S1: 175, S2: 172, R1: 181, R2: 184
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Crude Oil Trade Zigzags on Mixed Economic Outlook
Published 10/20/2011, 09:21 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Trade Zigzags on Mixed Economic Outlook
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