Friday, January 4, 2013

WTI Crude Oil Hitting Resistance

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WTI Crude Oil hit the $93/$94 target and most likely could see a pullback here towards upper $80s. But a break above this resistance places a price objective of $100 a barrel.

Oil slipped on Thursday, after prices hit 11-week highs, on worries about looming U.S. budget battles and signs of growing concern by the U.S. Federal Reserve about buying bonds to spur economic growth. The uncertainty because of the budget cuts and the ceiling debate seems to have tempered the markets' enthusiasm that things were getting better and that's why things have stalled.

Data from the American Petroleum Institute, released on Thursday after the settlement, showed crude oil inventories tumbled by 12 million barrels last week, led by declines in the Gulf Coast, where refiners typically draw down stocks for end of the year accounting purposes. U.S. government's Energy Information Administration (EIA) data out at 11 a.m. today.

1 comment:

Rahul Dixit said...

Awesome analysis by you on commodity, you share best technical knowledge with us.
Thank You
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