nymex crude intraday

Oil prices continued its weakness yesterday as Tropical Storm Fay headed toward Florida's west coast and was expected to miss key operations in the Gulf of Mexico oil. But on last Friday oil fell below $112 a barrel as OPEC trimmed its forecast for global oil demand growth in 2008 for a fifth month and said production was more than adequate, paving the way for a build in inventories. Growing concerns about demand in industrial nations and the stronger dollar is also adversely affected the oil movements. Oil touched the fifteen week low of $111.70 in the last week.

Crude has fallen sharply since reaching an all-time high of $147.27 a barrel on July 11 as growing global economic problems and high fuel prices have cut demand in top consumer the United States as well as Europe. The President of OPEC Chakib Khelil called oil prices abnormal and said they could pull back to $80 a barrel over the long term if the dollar were to continue to recover and global political worries eased is also adversely affected the oil movements .

According to the International Energy Agency, the Output by the producer group rose 145,000 barrels per day in July to 32.8 million barrel per day(bpd) . And also predicted oil demand would rise by 1.0 million barrels per day this year, 30,000 bpd less than the previous forecast.

At the same time in last week, According to the report from EIA, gasoline stocks fell 6.4 million barrels, more than a forecast decline of 2.1 million barrels and U.S. crude inventories fell by 400,000 barrels last week, double the forecast decline. Distillate stocks unexpectedly fell by 1.7 million barrels.

Light, sweet crude oil for September delivery in the New York Mercantile Exchange traded in the range $115.35 - $112, before settling at $113.14 a barrel.

Oil price had touched an all-time high of $147.27 a barrel on 11th July but has corrected from there in the succeeding weeks.

Crude Oil (DWTI Aug.)

Crude oil price remain weak below $117.50 a barrel .But expecting a recovery above $117.50 , if sustain above that levels ,can expect more uptrend .Next levels are $120.40,$123.50 and $129. Supports are $112.50, $110.00, $105.00, and $ 99.30.

DWTI (Aug) traded in the range $115.20 - $112.10 and closed at $112.89.

TECHNICAL OUTLOOK (Intra-day)

DGCX Crude (Aug) - Bullish above $113.65; bearish below $113.00

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