Commodity Outlook for Crude oil by KediaCommodity
Oil prices slumped as downbeat regional manufacturing data from the US overshadowed a report that pointed to improving conditions in the nation's job market. Expectations that Enbridge's closed pipeline will resume operations on Friday also kept oil prices down. Crude oil output from nine of the main North Sea streams will rise by 9.9 percent in October, but fall far short of the levels pumped a year ago. Now support for the crude is seen at
3413 and below could see a test of 3378. Resistance is now likely to be seen at 3496, a move above could see prices testing 3544.
Trading Ideas:
Crude trading range is 3378-3544.
Oil prices slumped as downbeat regional manufacturing data from the US
Crude oil is taking support at 3413 and resistance at 3470 level
Crude oil output from nine of main North Sea streams will rise by 9.9% in October