Commodity Outlook for crude oil by KediaCommodity
Crude oil ended lower amid expectations of a quicker restart for a damaged Enbridge pipeline that sends oil from Canada to the U.S. Midwest. Tropical Storm Julia grew in the far eastern Atlantic into the fifth hurricane of the storm season, while Hurricane Igor weakened slightly but remained a dangerous Category 4 storm, forecasters said.
Neither hurricane posed an immediate threat to land or energy interests, but Igor could threaten Bermuda by the weekend. Now support for the crude is seen at 3519 and below could see a test of 3489. Resistance is now likely to be seen at 3595, a move above could see prices testing 3641.
Trading Ideas:
Crude trading range is 3489-3641.
Crude oil ended lower amid expectations of a quicker restart for a damaged Enbridge pipeline
Crude oil is taking support at 3520 and resistance at 3572 level
Today crude oil inventories: Exp: -2.6M Prev: -1.9M