The price of crude oil was able to gain more than $1 a barrel yesterday, as US oil refineries began opening in the aftermath of Hurricane Sandy. The commodity traded as high as $87.17 during afternoon trading before staging a minor downward correction and dropping to the $87.00 level.
Today oil traders will want to monitor news out of the US. Specifically, the US Crude Oil Inventories figure, which was postponed from yesterday due to the hurricane, is supposed to be released today. Should the indicator come in lower than the forecasted level, it may be taken as a sign of increased demand in the US, which could help boost the price of crude.
| Crude Oil (Dec 12) intraday: target 87.15 |
Pivot: 85.80
Our preference: LONG positions above 85.8 with 87.15 & 87.5 in sight. Alternative scenario: The downside penetration of 85.8 will call for a slide towards 85 & 84.4. Comment: supported by a rising trend line. |
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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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