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US oil to fall towards $46.44 SINGAPORE: US oil may break a support at $48.13 per barrel and fall towards the next support at $46.44, as it failed to break a resistance at $49.50.The two supports and the resistance are identified respectively as the 38.2 percent, the 23.6 percent and the 50 percent Fibonacci projection levels of an upward wave C, the third wave of a presumed three-wave cycle from the Aug. 24 low of $37.75.Oil seems to have risen too fast and is pulling back towards the upper trendline of a wedge. Strategically, the target at $46.44 will be confirmed when it falls to $47.60.Signals will be neutral, so long as oil remains in $48.13-$49.50 range. A break above $49.50 will lead to a gain to $50.87, the 61.8 percent level.Copyright Reuters, 2015 ...

US oil to test a resistance at $49.50 SINGAPORE: US oil is expected to test a resistance at $49.50 per barrel, a break above which could lead to a gain to the next resistance at $50.87.These resistances are identified respectively as the 50 percent and the 61.8 percent Fibonacci projection levels of an upward wave C, the third wave of a presumed three-wave cycle from the Aug. 24 low of $37.75.This wave has a fierce character and is capable of traveling to $50.87, ...
Oil prices extend gains on hopes of easing oversupply NEW YORK: Global oil prices extended gains Tuesday, hitting one-month highs on hopes for an easing of the global oversupply of crude.US benchmark West Texas Intermediate for delivery in November jumped $2.27 to $48.53 a barrel on the New York Mercantile Exchange, its highest level since late August.Brent North Sea crude for delivery in November closed at $51.92 a barrel in London on a gain of $2.67.John Kilduff of Again Capital said that the US ...
US crude rail volumes dropped 22 percent last week NEW YORK: Volumes of crude oil and other petroleum products fell by 22 percent last week compared to last year, according to data released Wednesday by the American Association of Railroads. There were 13,014 carloads of crude oil and petroleum products on the rails last week, AAR reported. Overall, petroleum product volumes are down 5.9 percent, AAR reported. Copyright Reuters, 2015 ...
Oil down 2pc on Wall Street, China; Cushing draw limits loss NEW YORK: Oil prices fell more than 2 percent on Monday, pressured by tumbling equities on Wall Street and weak Chinese economic data, although an estimated drawdown in crude stocks at the key US storage hub appeared to limit losses, traders said. Gyrations in US equity prices and the dollar from bets on the timing of the first US rate hike in nearly a decade have fed volatility in oil prices, which have swung up ...
Petrobras extinguishes LPG storage tank fire near Salvador, Brazil RIO DE JANEIRO: State-run oil company Petroleo Brasileiro SA put out a fire at a liquefied petroleum gas (LPG) storage tank at a port near Salvador, Brazil, late on Wednesday morning, company press officers said. The fire was put out at about 11:25 a.m at the Madre de Deus fuels terminal operated by Transpetro, the ocean-shipping and gas pipeline unit of Petrobras, as the oil company is known, according to Transpetro's press office in Rio ...
Oil slumps as big U.S crude draw offset by large gasoline build NEW YORK: Global oil markets fell on Wednesday, with US crude down as much as 3 percent after the bullish impact of lower crude inventories was offset by large gasoline builds that raised concerns about high autumn fuel supplies. Also weighing on crude were Colonial Pipeline's efforts to fix an outage on one of its lines that had been supporting prices of gasoline, and the larger oil complex, since Tuesday. Brent, the global benchmark for ...


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