Wednesday, October 23, 2013

Crude Oil Futures Drop Below $98-a-Barrel Ahead of U.S. Supply Data

There's a lot of oil sloshing around.
Crude oil futures fell to a fresh three-and-a-half-month low on Wednesday, as traders looked ahead to the release of key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD97.68 a barrel during European morning trade, down 0.65%.

New York-traded oil futures fell to a session low of USD97.63 a barrel earlier, the weakest level since July 2. The December contract ended 1.38% lower at USD98.30 a barrel on Tuesday.

Oil futures were likely to find support at USD96.07 a barrel, the low from July 1 and resistance at USD100.29 a barrel, the high from October 22....MORE
Update that daily low to $96.32, $96.49 last:
Still targeting $90.00.

Phil Flynn: Oil price drop could pave way to $89
Oil: EIA says Crude Supply Rose 4 Million Barrels; Futures Dive Under $100
"Crude-Oil Futures Head Lower"
Oil: The Energy Information Agency Says Brent and WTI Will Trade Down For the Rest of this Year and Into 2014