Markets

COMMODITIES: Crude Oil Moves Lower as Weak Data Points to Lower Prices

NYMEX crude was down 17 cents at US$97.42 per barrel in early N.Y. trade, as weak EU growth, and softer Chinese data weighed on the demand side of the equation. On Wednesday the EIA reported that U.S. commercial crude oil inventories increased by 1.4 million barrels from the previous week, compared to the 1.0 million barrel decline expected. At 367.0 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.

With supplies abundant, crude prices appear poised to move lower still. Support on WTI is seen near the August lows of $96.55. Resistance is seen near the 10-day moving average at $97.85.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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