Crude Outlook 6th Jan,

U.S. crude oil futures settled at the highest level in a month yesterday as the Israeli-Palestinian conflict. Oil rose 5 percent as Israel deepened its thrust into Gaza on the 10th day of violence. OPEC's Jan. 1 cut also helped to lift oil prices.

Russia's dispute with Ukraine over natural gas prices increased the worry about the price and supply of the gas and influenced the oil.

Fog-related shipping delays on the U.S. Gulf Coast and a U.S. Department of Energy announcement about buying crude oil for the Strategic Petroleum reserve also helped oil prices.

On weekly basis U.S. crude oil futures recovered after a two week of falling and settled up at $46.34 per bl as Short-covering prompted by a failed cease-fire effort in the Middle East, growing tension between Russia and Ukraine over energy. Fog-related shipping delays on the U.S. Gulf Coast and a U.S. Department of Energy announcement about buying crude oil for the Strategic Petroleum reserve also helped oil prices.

Light, sweet crude oil for December delivery in the New York Mercantile Exchange traded in the range $49.28- $45.56, and settled at $46.34a barrel yesterday.

Weekly Crude Oil (DWTI January.)

Expecting uptrend above $42.80.Resistances are $46.60 $49.80, and $55.00, Supports seen at $39.00, $36.80 and $35.30.


DWTI (JAN) traded in the range $49 - $45.65 and closed at $48.81

TECHNICAL OUTLOOK (Intra-day)

DGCX Crude (January) - Bullish above $49bearish below $48.40


MCXARUN
9994500540