Crude oil was 45 point down as traders waited for the weekly EIA Petroleum report on supply data on U.S. stockpiles of crude oil and derivative products.The report is released on Wednesday 10.30 am New York Time.
- In the last month oil has lost fall more than 800 points from around $98 a barrel to currently trading at $90.20.
- It remains to be seem if Venezuela oil industry keep running without disruption.
- Demand for the commodity is expected to continue under pressure.
- Support level at around $86 and resistance at around $98
- If prices bounce back above the $84 level investor would then expect crude oil to gain momentum at top once again the current resistance level.
After the released, the US Crude Oil continue to decline.
- China’s weak manufacturing data renew concerns over the global economic outlook
- The higher U.S. dollar and U.S. spending cuts adds pressure to Crude Oil prices.
- And the EIA reports that U.S. crude oil refinery inputs averaged slightly over 14.0 million barrels per day the previous week.
- U.S. commercial crude oil inventories (excluding those in the StrategicPetroleum Reserve) increased by 3.8 million barrels from the previous week.