11/19/2012 Update

Fridays Crude Pit Session: 

High: 87.39

Low: 86.24

Settlement: 86.96

Looking ahead to today’s crude pit session:

We are looking for an open and settlement above 87.56 to be a bullish sign that crude oil prices will continue to rise amid concerns that tensions in the Middle East will impact supply and the US will agree to defer automatic spending cuts and tax increases that could throw the country into a recession.  An open or close below this key level may be an indication that prices could retreat back down to the 85 handle or lower.  As we saw option traders (despite geopolitical fears) reduce their bullish bets last week by almost 18% as December crude oil options expired and moved to the January front month .  These factors combined with a shortened Holiday trading week could bring us some volatile price action this week.

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Resistance: 88.00, 88.50, 89.00, 89.15, 89.50, 90.00, 90.50

Support: 87.50, 87.39, 87.00, 86.86, 86.34, 86.00, 85.71, 84.50