Monday, October 22, 2012

WTI Crude Oil prices expected october 23 2012

WTI Crude Oil prices expected october 23 2012 : crude rebounded in Asia on Tuesday as traders returned to the market after prices plunged on oil demand fears.

New York's main contract, light sweet crude for delivery in December, added 29 cents to $88.94 and Brent North Sea crude for December delivery gained 29 cents to $109.73.

Crude markets were recovering after taking "a battering from weak US corporate earnings and weaker sentiment about the global economic recovery,

I think we are seeing bargain hunters come back into the market after a sharp sell-off,

Traders were also looking anxiously at Europe after Germany's central bank warned the German economy will see a sharp slowdown in growth or may even contract at the end of the year as the eurozone crisis bite

WTI Crude Oil (NY Close): $ 88 . 65 // - 1 . 79 // - 1 . 98 % Prices continue to consolidate above support at 87.66, the 38.2% Fibonacci expansion. Resistance is at 92.25, marked by a falling trend line established from late September, with a break above that targeting a larger downward-sloping barrier set from the February top, now at 97.90. Alternatively, a drop through support exposes the 50% level at 83.76.

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