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US oil may fall to $39.30 SINGAPORE: US oil may test a support at $40.15 per barrel, a break below which will cause a loss to the next support at $39.30.These supports are identified respectively as the 538.2 percent and 561.8 percent Fibonacci projection levels of a downtrend from the June 30 high of $59.69. Wave pattern shows that oil is riding on an extended wave 5, the bottom of which is somewhat difficult to be predicated.Resistance is at $41.01, the 514.6 percent level, a break above which could lead to a gain to the 500 percent level at $41.54.Copyright Reuters, 2015 ...

Oil prices higher ahead of US inventory data NEW YORK: Oil prices rose modestly Tuesday as traders looked ahead to weekly US commercial inventory data that could shed insights into demand in the world's largest consumer of crude oil.US benchmark West Texas Intermediate for September delivery closed at $42.62 a barrel on the New York Mercantile Exchange, up 75 cents from Monday's settlement.Brent North Sea crude for October, the international benchmark, spent most of the day in the red but managed to eke ...
Oil prices continue downward slide NEW YORK: Crude oil prices fell Monday, deepening a long slide as traders expect US production will remain strong, adding to abundant global supplies.US benchmark West Texas Intermediate (WTI) for September delivery closed at $41.87 a barrel, down 63 cents from Friday's settlement after a technical modest rebound Friday.In London, Brent North Sea crude for October, the international benchmark, fell 45 cents to $48.74 a barrel in its first day of trade."Oil prices are starting ...
Oil near 6-1/2 year low on Japan slowdown, China worry NEW YORK: Oil prices fell on Monday with U.S. crude near 6-1/2-year lows after No. 3 consumer Japan suffered an economic contraction in the second quarter and China's slowdown continued to weigh on oil market sentiment.A stronger dollar after the fastest pace of growth in U.S. industrial output in eight months also made greenback-denominated commodities, including crude, less affordable for holders of other currencies such as the euro.U.S. crude futures were 5 cents down at ...
Oil at multi-month lows; hunt for new bottom as gasoline piles up NEW YORK: Oil set multi-month lows on Thursday as investors and traders sought clues about the market's next bottom after a large drop in US crude inventories failed to boost prices.A bigger-than-expected build in US gasoline stockpiles last week proved more important to investors than crude storage numbers that came in three times below forecast on Wednesday. Brent, the global oil benchmark, settled down 7 cents at $49.52 a barrel, after setting a six-month low ...
Mexico softens auction rules for oil development sites MEXICO CITY: Bidding requirements for the development of several Mexican oil and natural gas blocks have been relaxed in order to attract foreign investors, Mexico's National Hydrocarbons Commission has announced.The action follows disappointing results from the first tender of development blocks, in mid-July."The changes we are bringing about are intended to attract more investment, improve job creation and increase oil and natural gas production," CNH explained in a statement late Tuesday.The rule changes allow for ...
Guyana says oil rig leaves disputed waters GEORGETOWN: An ExxonMobil rig that ignited a maritime boundary dispute between Guyana and Venezuela has now left the area, a Guyanese official said Monday, denying it was because of Venezuelan pressure.Guyana's Natural Resources Minister Raphael Trotman said the Deepwater Champion left the disputed area because its exploratory work was done, having found a major deposit of high quality crude oil."Once the discovery was made, there is no more need for an exploration rig. You now ...


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