Market Overview

The Crude market continues to follow Rbob Gas

The Crude market continues to follow Rbob Gas

With a weaker dollar this morning Crude Oil has traded slightly higher. Yesterday the market held strong support to rally and fight off over-supply worries. The path of least resistance will remain higher as we head into inventory reports today. There have been refinery issues that have popped up over the last week to accompany cold weather and this will keep a strong bid on the market. The refinery issues should have played a strong role in the rally we have seen in Gasoline as this market looks to be breaking out. Still only a close below the $93 level will create a bearish reversal. Traders should look to strategically buy against support level on pull backs.

Resistance -96.50***,98.22***

Support- 96.03*, 95.36*, 94.83***, 94.25*, 93.30**, 93.04-92.82***

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Commodities Markets Trading Ideas


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