10/10/2017

Crude Oil Nov 17

Yesterday Closed: 49.58 -0.07

Oil price rebounded from low of 49.10 after OPEC comments signaling the possibility of further action to restore market balance in the long term. The Organization of the Petroleum Exporting Countries (opec) is due to meet in Vienna on Nov. 30, when it will discuss its pact to reduce output in order to prop up the market.

Oil production platforms in the Gulf of Mexico also started returning to service after Hurricane Nate forced the shutdown of more than 90 percent of crude output in the area. Watch out for API & EIA crude inventory this week.

Hourly chart show oil price trading in sideway in between 49.10-49.80, waiting for a breakout.

Price Level to monitor today:

Support: 49.48 49.10 Resistance 49.80 50.36

Recommend Trading Plan for the day:

1. Buy at higher high 49.80 with stop at 49.60

WTI Oil Margin Requirement (per lot)

WTI Crude :USD 2640

Mini Crude : USD 1320

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