11/26/2012 Update:

Fridays Crude Pit Session: 

High: 88.53

Low: 87.27

Settlement: 86.26

Looking ahead to today’s crude pit session:

Crude oil prices have pulled back off Fridays pit session highs of 88.53 as the cease fire in Israel seems to be holding.   However, geopolitical fears have been and will continue to be the catalyst behind this market.   Many floor traders are looking at the 90 level as a major level of resistance if the cease fire continues to hold.  If the cease fire falls apart then we can see crude easily push up to the 92-94 handle. 

If we see the 90 level resistance hold and crude oil prices fall, energy traders are looking at the 84.50 level as major support. 

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Resistance: 88.00, 88.50, 88.77, 89.00, 89.30, 90.00 92.00, 94.00

Support:  87.50, 87.50, 87.00, 86.90, 86.76, 86.50, 86.00, 85.50, 85.00