Heartland Crude Oil Newsletter
Eugene Graner, Cta of Heartland Investor Services - InsideFutures.com - Wed Nov 13, 2:58PM CST

Crude Oil

Oil prices moved higher Wednesday, after OPEC said it saw no signs of global recession and rival US shale oil production could grow by much less than is expected in the coming year. Also today supporting prices was comments from the Fed chair Jerome Powell, was that the US economy would see a sustained expansion with the full impact of recent interest rates cuts still to be felt.

Further strength was seen today ahead of this afternoon's energy data. Expectations for the data are expecting to see small draws out of supplies, as cracking has been increased to get diesel fuel supplies which is commonly known as heating oil to heat northeastern homes were cold weather has been in place for a week.

The reality for crude oil is that since the beginning of November, crude oil has been vacillating on a daily basis between 56.00 and 57.50 waiting for a breakout of that range. As the chart below shows, the purple line find support for the day and then prior resistance gets challenged later in the session. A close above 57.75 will have crude oil challenging resistance in the 59.00-60.50 range where a high could be in place by November 20-21. The next cycle change is coming up next week..

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