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U.S. Crude oil futures regain strength on Tuesday ahead of weekly supply reportBack

Comex Crude oil futures bounced back from the previous session's heavy losses on Tuesday, investors looking for U.S. weekly supply data which will comes on wednesday.

On the Nymex Crude oil for delivery in October slightly up around 0.48%, or 45 cents, to trade at $93.11 a barrel during European morning hours. Crude oil prices trading in a narrow range between $92.77 and $93.24 a barrel.

Yesterday U.S. oil prices fell to $91.80 a barrel and hit a 8 month low, as continued strength in the U.S.Dollar and concerns about weak demand weighed.

Futures were likely to find support at $91.43 a barrel, the low from January 13 and resistance at $94.99 a barrel, the high from September 5. 

Now traders are waiting for the key weekly supply data from EIA. EIA weekly report will come on the Wednesday. U.S. is the world’s largest consumer.

Last Week Crude oil Inventory came -0.9M. 

London-traded Brent prices tumbled to $99.36 on Monday, the lowest since May 1, 2013 as ample global supplies and concerns about weak demand drove prices lower.

 

Libya's National Oil Corporation said on Monday that the country's oil output increased by 15,000 per day from a week earlier to hit 740,000 barrels per day, as the reopening of several oil export ports sparked a boost in production. 

U.S. Crude oil futures regain strength on Tuesday ahead of weekly supply report
 
 
 
Posted on: 09-Sep-2014 | Posted by: NIFM | Comment('0')
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