Commodity Outlook for Crude Oil by KediaCommodity
Crude oil ended slightly higher in choppy trading, supported by the weak dollar and expectations for economic growth even as concerns about demand and high inventories helped limit oil's rise. China's oil demand edged down in October versus September and the appetite for base metals slumped.
Against year-ago levels, however, apparent oil demand was up 10.3 percent, while demand for refined copper jumped 28.6 percent. Now support for the crude is seen at 3610 and below could see a test of 3579. Resistance is now likely to be seen at 3692, a move above could see prices testing 3743.
Trading Ideas:
CRUDE TRADING RANGE IS 3580-3700.
CRUDE ENDED HIGHER SUPPORTED BY WEAK DOLLAR AND EXPECTATIONS FOR ECONOMIC GROWTH
HOLD / BUY CRUDE DEC ABV 3635 SL 3615 TGT 3656-3670-3695. MCX
NOW CRUDE IS TAKING SUP AT 3618 BELOW THIS LOOKS TILL 3600-3580.
CHINA'S OIL DEMAND EDGED DOWN IN OCTOBER VERSUS SEPTEMBER
