Concerns among investors that a hurricane could disrupt US oil refining capabilities this week boosted the price of crude during the European session on Friday. Past disruptions to the US’s ability to refine oil have often resulted in an increase in price. Oil closed out the week at $86.13, up approximately $1.20 a barrel.
This week, oil traders will want to closely monitor the impact Hurricane Sandy has on US oil production. Any prolonged disruptions could drive prices higher. Additionally, Wednesday’s US Crude Oil Inventories report has the potential to create volatility in the price of crude.
| Crude Oil (Dec 12) intraday: key ST resistance at 86.75 |
Pivot: 86.75
Our preference: SHORT positions below 86.75 with targets @ 84.4 & 83.15. Alternative scenario: The upside penetration of 86.75 will call for 87.5 & 88.25. Comment: as long as 86.75 is resistance, look for choppy price action with a bearish bias. |
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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