Crude futures slipped Thursday as concerns about weak demand countered big gains for U.S. equities. Light, sweet crude for December delivery recently traded 33 cents, or 0.4%, lower at $80.07 a barrel on the NYME.
Futures have held above $80 a barrel, but by early Thursday, the surprise draw in U.S. oil inventories that pushed prices above that level had come to be seen as at best sending a mixed signal about the state of global demand.
Now support for the crude is seen at 3722 and below could see a test of 3696. Resistance is now likely to be seen at 3778, a move above could see prices testing 3808.
Trading Ideas: CRUDE TRADING RANGE IS 3650-3800.
CRUDE SLIPPED AS CONCERNS ABOUT WEAK DEMAND COUNTERED BIG GAINS FOR EQ.
BUY CRUDE NOV AT 3710-3730 SL 3680 TGT 3756-3784-3800.
NOW CRUDE IS TAKING SUP AT 3712 BELOW THIS LOOKS TILL 3690-3670.
OVERALL A DIP TILL 3680 WILL BE THE GOOD LEVELTO BUY FOR TGT 3780 LEVEL
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