11/20/2012 Update:

Yesterdays Crude Pit Session: 

High: 89.80

Low: 88.40

Settlement: 89.35

Looking ahead to today’s crude pit session:

Crude oil prices hit 89.80; the highest level in over a month during yesterday’s trading pit session.   This drive up is being fueled by geopolitical fears over tensions in the Middle East as the risk of a possible Israeli ground assault on Gaza still looms.   An open above our 89.35 settlement may continue to fuel this geopolitical price rally and possibly push us up into the 90-92 handle.  However,  long term crude oil fundamentals  do not support this rise in prices as we continue to see increased inventory levels and PUT side open interest continuing to increase as the option traders seem to be positioning themselves for prices to fall back down to or below the 85 handle 

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Resistance: 89.18, 89.50, 89.80, 89.97, 90.58, 91.00, 91.50, 92.58

Support:  88.57, 88.00, 87.78, 87.52, 87.00, 86.35, 86.00, 85.50, 85.00