Oil Prices Change
Today’s Oil Price has been developed to help consumers track current oil and gas prices. The crude oil price is now 57.96 dollars a barrel, Crude oil is the world’s most actively traded commodity. Over the past decade. Sweet (low-sulfur) crude oil futures contract has become the world’s most liquid forum for crude oil trading, as well as the world’s largest-volume futures contract trading on a physical commodity. Because of its excellent liquidity and price transparency, the contract is used as a principal international pricing benchmark.
In common practice, and to distinguish the commodity “light, sweet crude” from the descriptive measure “light, sweet crude” (which may refer to other commodities such as brent crude), the term West Texas Intermediate (a specific type of light, sweet crude) is used when referring to the commodity. Crude Oil makes a run higher giving investors some what of a tradable bounce. Although this is great for our long trades, this is a catch 22. Gas prices are starting to rise again and if this trade follows through. we could see $65 per barrel and a possibility of oil retesting $100 level within the next 6-12 months. Not a pleasant thought in the grand scheme of things.
The millions of traders and investors world wide, who have been following the price of oil, look to be putting some money to work pushing prices higher. Oil is currently at November’s resistance level and over bought on the Stochastics indicator, which makes oil look ready for a test of support before moving higher.Light crude oil is crude oil with a low wax content. The clear cut definition of ‘light’ and ‘heavy’ crude is hard to find, simply because the classification so made is based more on practical grounds than theoretical. Since crudes with high viscosities are more difficult to transport/pump, those with apparently lighter wax content are referred to as ‘light crude’ and the ones with substantially more wax are classified as ‘heavy crude’. Oil breaks out and pushes higher toward the $55 per barrel price which is resistance level from November of last year. We could see prices test the $50 level, which is our trend line support and a decade number (ex $10, $20, $30 etc…) which act like support or resistance before moving higher.
Oil prices were little changed Friday amid lingering concerns that U.S. Gulf of Mexico oil facilities recovering from hurricane damage will struggle to meet heating oil demand as winter approaches.Light, sweet crude for December delivery on the New York Mercantile Exchange rose 1 cent to $61.10 a barrel in Asian electronic trading. The contract rose 43 cents Thursday to close at $61.09 a barrel. In London, December Brent on the International Petroleum Exchange rose 6 cents to $59.20 a barrel.But the U.S. Interior Department has told Florida it would not consider a lease sale in the area until at least 2007. Florida opposes development of the area because some of it is within 100 miles of the state’s Panhandle region.In other market-related news, China, the world’s second largest oil-consumer after the United States, said its imports in September rose 4.8 percent on year to 76 million barrels, or an average of 2.65 million barrels a day, according to data issued Friday by the General Administration of Customs.