Wednesday, June 20, 2012

U.S. Crude Stocks Seen Down on Higher Runs, Lower Imports

U.S. crude oil stockpiles likely fell last week for the third straight week due to increased refinery utilization and lower imports, an expanded Reuters poll of analysts showed on Tuesday.

For Wednesday morning trading crude oil prices are near steady in early trading today. Trading has turned choppy but bears still have the overall near term technical advantage. In August Nymex crude, look for buy stops to reside just above resistance at $85.00 and then at this week's high of $85.89. Look for sell stops just below technical support at $83.00 and then at $82.50.

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