11/27/2012 Update:

Mondays Crude Pit Session: 

High: 88.00

Low: 87.27

Settlement: 87.72

Looking ahead to today’s crude pit session:

Monday was a slow choppy range bound trading day with crude prices unable to break above 88.00 or below Fridays pit session lows of 87.27. As a new debt deal agreement with Greece may be reached, we need to keep a close eye on tonight’s API inventory numbers for market direction.  Many floor traders are still looking at the 90 level as a major level of resistance.    The cease fire in the Middle East appears to be holding.  If it continues then we are anticipating prices to bounce off the 90.00 area.  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. 

Sign up today at www.crudesquawk.com  and listen all of today’s action broadcasted live from the NYMEX Pit as it unfolds!

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