• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 4 hours Saudi Arabia turns to solar
  • 16 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 10 hours Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 5 mins Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 1 day Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 1 min Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 10 hours Gazprom Exports to EU Hit Record
  • 6 hours U.S. Withdraws From U.N. Human Rights Council
  • 11 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 15 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 9 hours "The Gasoline Car Is a Car With a Future"
  • 8 hours What If Canada Had Wind and Not Oilsands?
  • 3 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 21 hours EVs Could Help Coal Demand
  • 9 hours Sell out now or hold on?

Breaking News:

Saudi Aramco Clears Another IPO Hurdle

Alt Text

Why Wall Street Is Bullish On Refiners

Wells Fargo has noted that…

Alt Text

The Best Places In The World To Mine Bitcoin

As Chinese bitcoin miners face…

Alt Text

How To Spot Top E&P Stocks In 2018

As sentiment in oil markets…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 8th November 2013

December crude oil futures rose this week, driven higher by oversold technical conditions, uncertainty over the Fed’s timing of its plans to taper monetary stimulus and a smaller-than expected rise in crude oil supplies.

According to a few technical indicators and oscillators, crude oil had reached oversold levels. Reading these charts is not an exact science, however, traders respect the numbers because they often are associated with surprise rebounds and bear-traps. Given the prolonged move down in terms of price and time, profitable short-sellers want to avoid getting caught short on the wrong side of the market at current price levels. This helped crude oil build a little support base on the daily chart which could turn into something bigger on the weekly chart if momentum begins to shift to the upside.

Uncertainty over the Fed’s timing of its plans to taper its $85 billion in monthly monetary stimulus could also be underpinning crude oil. Traders may feel they have successfully priced in a stronger dollar due to the possibility the Fed will begin tapering its stimulus as early as December rather than waiting for April 2014. A stronger-than-expected Gross National Product figure on November 7 failed to give prices a boost, but the latest U.S. Non-Farm Payrolls data, set to be released on Friday, November 8, is expected to be a market moving event.

This week, oil futures rose following weekly data from the U.S. Energy Information Administration…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News