Crude Oil Set For Steady To Higher Open

Crude oil is slightly lower going into the equity markets opening this morning. Though yesterday's high range close sets us up for a steady to higher open this morning. Our current trend represents a wide trading range with 1st resistance at 48.83 and 1st support at the 20 day moving average of 42.95. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near term. If April extends this month's rally, the reaction high crossing at 50.88 is the next upside target. Closes below the 20 day moving average crossing at 42.95 would temper the near term friendly outlook in the market.

Crude Oil Surprises And Rallies To Close Higher

April crude oil closed higher on Monday as it extended last Thursday's rally.

The high range close sets the stage for a steady to higher opening on Tuesday.

Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near term.

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $42.95 would temper the near term friendly outlook in the market.

First resistance is last Monday's high crossing at $48.83.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $42.95.

Second support is the reaction low crossing at $39.44.

Crude Oil Rises After Brief Down Turn On OPEC News

"Saudi, Iranian Oil Ministers: Prices Should Stand at $60-$75"
The oil ministers of Saudi Arabia and Iran said Monday their target goal for the price of oil was between $60 to $75 a barrel....Complete Story

"Oil Rises as Stocks Climb on Expectations of Economic Recovery by Year-End"
Crude oil rose as global stock markets climbed for a fifth day on optimism that the recession that has curbed demand may end by the close of the year....Complete Story

"Idling of U.S. Gas Rigs Setting Stage for Doubling of Prices"
Survey Shows Natural gas drillers from Devon Energy Corp. to XTO Energy Inc. are idling rigs at the fastest pace since 2002, setting the stage for this year’s worst commodity to almost double as supplies drop faster than demand....Complete Story

"Record Wellhead Order"
Subsea systems provider FMC has been selected by Anadarko to supply a record capacity subsea wellhead system rated for....Complete Story

Crude Oil Lower Overnight On OPEC Meeting News

April crude oil took a gap down and was lower overnight as it consolidates some of last Thursday's rally and digest the news from this weekend's OPEC meeting.

Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.79 are needed to confirm that a short term top has been posted.

If April renews the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

First resistance is last Monday's high crossing at $48.83.

Second resistance is the reaction high crossing at $50.88.

First support is the overnight low crossing at $43.62.

Second support is the 20 day moving average crossing at $42.79.

Crude Closes Lower Shrugging Off OPEC Meeting On Sunday

April crude oil closed lower on Friday as it consolidated some of Thursday's rally.

The low range close sets the stage for a steady to lower opening on Monday.

Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.68 would temper the near term friendly outlook in the market.

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

First resistance is Monday's high crossing at $48.83.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $42.67.

Second support is the reaction low crossing at $39.44.

Crude Oil Falls On IEA, OPEC Forecast. Exxon Brazil Project Rivals Tupi

"Oil Falls After IEA, OPEC Cut Demand Forecasts Because of Global Recession"
Crude oil fell after the International Energy Agency and OPEC cut their global demand forecasts because of the recession in major consuming countries....Complete Story

"Uganda's Environment Body Approves Early Oil Output"
Uganda's environmental authority has approved an early production scheme by Tullow Oil, removing a legal hurdle for development of crude in the Albertine basin....Complete Story

"Exxon Mobil's Brazil Find May Hold 8 Billion Barrels of Oil, Rivaling Tupi"
Exxon Mobil Corp.’s oil discovery off the coast of Brazil may hold enough crude to rival the nearby Tupi prospect as the Western Hemisphere’s largest find in three decades....Complete Story

"South Korea Appeals To Nigerian Government Over Quashed Oil Deal"
Seoul's state energy firm said Thursday it has petitioned Nigerian President Umaru Yar'Adua to reverse his country's decision to scrap oil exploration rights awarded to a South Korean consortium....Complete Story

Crude Oil Signals Short Term Top May Be In, 1st Resistance Is $48.83

April crude oil looks to extend Thursday's rally. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.72 are needed to confirm that a short term top has been posted.

If April renews the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

First resistance is Monday's high crossing at $48.83.

Second resistance is the reaction high crossing at $50.88.

First support is the 10 day moving average crossing at $44.56.

Second support is the 20 day moving average crossing at $42.72.

Crude Oil Whip Saws Traders With Back To Back Pivotal Days, Short Term Top May Still Be In

April crude oil closed sharply higher on Thursday ending a two day correction off Monday's high.

The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.46 would temper the near term friendly outlook in the market.

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

First resistance is Monday's high crossing at $48.83.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $42.46.

Second support is the reaction low crossing at $39.44.

SBM Suffers 14.6% Profit Slide, OPEC Considers Next Cut

"SBM Suffers 14.6% Profit Slide"
Offshore contractor Single Buoy Moorings reported final results for 2008 in line with its preliminary announcement with net profit of US $228 m which was down 14.6% from $267 m in 2007....Complete Story

"OPEC February Production Down 28.07 Million Per Day"
The 12 members of the Organization of the Petroleum Exporting Countries pumped an average 28.07 million barrels per day (b/d) in February, as the oil producer club continued its efforts to slash oversupply and prevent oil prices falling further....Complete Story

"Oil Rises More Than $4 as OPEC Members to Consider Fourth Production Cut"
Crude oil rose more than $4 a barrel, the biggest gain in three weeks, before OPEC meets this weekend to consider a fourth production cut....Complete Story

Crude Oil Seems To Consolidate Rally, Turning Bearish

April crude oil closed lower due to profit taking on Wednesday as it consolidates some of its recent rally.

The low range close sets the stage for a steady to lower opening on Thursday.

Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.27 would temper the near term friendly outlook in the market.

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

First resistance is Monday's high crossing at $48.83.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $42.27.

Second support is the reaction low crossing at $39.44.