Oil closed yesterday just below $92 a barrel and is challenging its next resistance level of $92.4 a barrel. Any robust break beyond this level could push oil upwards and gather more momentum.
Fundamental reports globally do not support gold’s rise but tensions from the Middle East have historically always pushed oil prices higher. After the UN debate about Iran’s nuclear program, oil investors can expect concern over future demand and therefore higher prices today.

Oil closed yesterday just above $90 a barrel after trading as low as $89.05 a barrel. Oil has received support at these low levels which were last seen at the start of August. The price may enjoy some momentum but will have a very difficult time challenging resistance levels around $91.8 a barrel.
Global economic growth, especially with the slowdown in China and its possible statement for further stimulus action at the start of October, could strongly affect the price of the commodity.

Oil closed yesterday just above $92 a barrel and continued its downward trend after hitting its highest point in four month and breaking the $100 a barrel resistance level.
Many factors have contributed to oil’s decline and support at $91.5 will be a great challenge for oil’s bearish trend. Reasons for its decline vary from higher oil production in Saudi Arabia , releasing inventories in the US, high inventory count last Wednesday and global recession fears. These all contributed to more than 5% decline in oil’s price.

Oil closed yesterday at $95.6 a barrel and continued its downward trend, just after breaking its resistance level of $100 a barrel a few days ago.
Oil could continue its downfall as rumors spread of increased oil production from Saudi Arabia and weak economic reports are appearing around the world.
Oil does not have a robust trading range at the moment and support levels coming down through $92-$93 look fairly weak. Profit taking has occurred in the last few days and investors are waiting for inventory reports today that can support these levels if the report demonstrates large inventories.

Yesterday oil closed just below $97 a barrel at the bottom of its latest trading range (between $97-100).
As the US dollar devalued after the last FOMC statement, and tensions in the Middle East grew, oil broke its $100 resistance level. However, yesterday was another reminder for oil investors that a global economic recovery is still fragile if not unlikely.
Economic indicators show that the US is still in contraction, combined with uncertainty in the economic conditions in Europe. Although the ECB can take action together with the new ESM, Spain has not asked for a bail out and any action in regards to its high yields is still questionable.