Crude oil futures plunges on US economic data

Crude oil futures plunges on US economic data : Crude oil futures traded steadied below $100 after hitting 29 months high at $103 as situation worsen in Libya after Muammar Qaddafi warned for a stronger fight in its latest interview. Saudi Arabia and other OPEC nations won't allow shortages to exist due to Libyan crisis and they are ready to supply if needed.

Crude oil futures pared gains after US department of energy reported marginal increase in crude oil stockpiles. US commercial crude-oil stockpiles climbed 0.822 mb to 346.7 million.

Countries in North Africa and the Middle East were responsible for 36 percent of global oil output and held 61 percent of proved reserves in 2009. However OPEC has agreed to increase production in case if supplies disrupt due to ongoing crisis.

NYMEX Crude oil has reached the psychological level of $100 and now may see the level of $105 soon. The crucial support lies at $95.

Crude Oil: S1=4430, S2= 4400 R1= 4490 R2=4520

Natural Gas: S1=176, S2=174, R1= 181, R2=184 sourch commodityonline.com... For the latest updates PRESS CTR + D or visit Stock Market news Today

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