NEW YORK (Commodity Online): WTI Crude Oil November is trading around $84.25 after Chinese customs data showed that exports had fallen for the month of September. China's trade balance fell to $14.5 billion in September from around $17.8 billion in August
However, China's crude oil imports registered a 4% increase in the first 9 months as compared to the same period last year. China is the second largest crude oil consumer in the world
The US Energy Information Administration (EIA) releases its weekly inventory update later today. Expectations are for a 0.4 million barrel build up. Prior inventories had declined by 4.7 million barrels.
The IEA and OPEC both cut its Crude Oil demand outlook for 2011 and 2012 in view of a slowing economy.
Immediate technical support is seen at $84 and around $82 while Resistance is expected at $87.50 and $85
