Wednesday, November 27, 2013

Oil: We Now Resume Our Regularly Scheduled Decline

Still betting on lower U.S. prices, there is just so much of the stuff sloshing around. $92.39 last.

"U.S. oil falls to 5-month low ahead of data; WTI-Brent spread hits USD18"
U.S. oil futures fell to a five-month low on Wednesday, as traders looked ahead to key U.S. economic reports as well as data from the U.S. government on oil and fuel supplies later in the day.

On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD92.62 a barrel during U.S. morning trade, down 1.15%.

New York-traded oil futures fell to a session low of USD92.53 a barrel earlier, the lowest since June 3. The January contract settled 0.44% lower at USD93.68 a barrel on Tuesday.

Oil futures were likely to find support at USD91.37 a barrel, the low from June 3 and resistance at USD94.69 a barrel, the high from November 26.

Wednesday’s government report was expected to show that crude oil stockpiles rose by 600,000 barrels last week, while gasoline inventories were forecast to increase by 260,000 barrels.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 6.9 million barrels in the week ended November 22, while gasoline stockpiles increased 200,000 barrels....MORE
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