WTI Crude Oil Up On Strong China Data, Disappointing Iran Talks

Posted by: : Paul EbelingPosted on: November 12, 2013 WTI Crude Oil Up On Strong China Data, Disappointing Iran Talks

WTI Crude Oil Up On Strong China Data, Disappointing Iran Talks

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WTI Crude Oil rose Monday after Iran and 6 world powers failed to reach a deal on Tehran’s nuclear program during their meeting in Geneva at the weekend, dampening expectations of an end to the long stalemate.

Some diplomats believe a deal is still possible as US lawmakers are trying to tighten sanctions on Iran which could push Crude Oil prices even higher.

Negotiations will resume on a lower-level on 20 November.

WTI Crude Oil futures for Dec settlement is trading at  94.80 a bbl after rising 0.20 on the day.

Brent Crude Oil futures for Dec settlement is trading at 105.45 a bbl after rising 0.33 on the day.

Prices rose as China’s data showed an expansion in industrial production in October confirming the economy has found its footing which could increase demand on Crude Oil, while Saudi Arabia, the biggest Crude Oil producer in OPEC, cut its Crude Oil output in October.

The Crude Oil markets continue to monitor the latest developments from Libya as inside tensions are worsening, the US Federal Reserve will get lots of attention this week a some participants’ believe the Fed’s monthly bond purchases QE-3 will be cut sooner rather than later.

Other Markets

Nat Gas is trading at 3.571 per cubic ft after rising 0.34%

Gasoline is trading at 2.561 per cubic ft after rising 0.30%

Heating Oil Diesel is trading at  2.8797 a gal after rising 0.26%

Crude oil is expected to find it 1st support at 94.08, and breakk there could take it to the next support mark at 93.48.

Crude oil is expected to find its 1st resistance at 95.10, and a rise through could take it to the next resistance mark at 95.52.

Crude Oil is showing convergence with its 20 Hr and 50 Hr MAs.

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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