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Crude Oil May Rise After Failing to Drop Below Support Level

Bloomberg -- Crude oil may rise next week after failing to break through a technical support level, a Bloomberg News survey showed.

Twenty of 49 analysts, or 41 percent, forecast crude oil will increase through Sept. 3. Seventeen respondents, or 35 percent, predicted that futures will be little changed, and 12 projected a decline. Last week, 39 percent of analysts forecast a drop.

October oil in New York fell to $70.76 a barrel on Aug. 25, the lowest intraday price for the contract since May 25. The failure to drop below the May low of $70.35 was a signal for technical traders to purchase futures.

“The market was oversold, and when we failed to take out the May lows the buyers came back in,” said Richard Ilczyszyn, a Chicago-based senior market strategist at Lind-Waldock, a division of MF Global Inc

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Submitted Aug 28, 2010 By: OnTheWater

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vandamme Champion Author New York Posts:1,018 Points:117,800 Joined:Nov 2008	Message Posted: Aug 30, 2010 10:16:46 AM Ignore vandamme Report Abuse All this is just noise on the fundamental price trends. Let me know when it changes 10%.
honda0105 Champion Author Tallahassee Posts:15,260 Points:1,142,020 Joined:Nov 2008	Message Posted: Aug 30, 2010 7:10:58 AM Ignore honda0105 Report Abuse mlambo: glad someone is conserving b/c I haven't seen that trend in my area (other than myself - and I've had that habit long before oil ever hit $100 / barrel).
honda0105 Champion Author Tallahassee Posts:15,260 Points:1,142,020 Joined:Nov 2008	Message Posted: Aug 30, 2010 7:08:33 AM Ignore honda0105 Report Abuse thepi: if you're asking what this article has to do w/ gas prices, read the posting guidelines.
thepi Veteran Author Twin Cities Posts:464 Points:979,620 Joined:Nov 2001	Message Posted: Aug 29, 2010 1:31:51 PM Ignore thepi Report Abuse And this explains why as pump prices have gone up almost 25 cents a gallon in parts of the Twin Cities this past Friday, how???????
albert2008 Champion Author Winnipeg Posts:5,000 Points:1,018,135 Joined:Sep 2008	Message Posted: Aug 29, 2010 10:20:38 AM Ignore albert2008 Report Abuse the merry go round continues
Canucktree Champion Author Alberta Posts:2,694 Points:578,560 Joined:Dec 2008	Message Posted: Aug 29, 2010 10:19:00 AM Ignore Canucktree Report Abuse Not news?! Follow the graphs.
DellDude2 Champion Author Nashville Posts:6,778 Points:1,655,110 Joined:Aug 2005	Message Posted: Aug 29, 2010 3:14:34 AM Ignore DellDude2 Report Abuse Pump prices fell again two more cents overnight here to $2.43. I like the trend.
mlambo Champion Author Indiana Posts:10,235 Points:2,222,235 Joined:Mar 2005	Message Posted: Aug 29, 2010 2:12:15 AM Ignore mlambo Report Abuse They make a big deal over a .41 cent change which is fine with me. Just look out for that price of $ 140 a barrel we saw a couple of years back !!!!!! The American public lately is doing a lot to conserve oil/ gasoline. Keep up the good work.
250FORD Champion Author Minnesota Posts:8,265 Points:1,303,335 Joined:Feb 2007	Message Posted: Aug 29, 2010 2:12:07 AM Ignore 250FORD Report Abuse Do you sppose its going to go up because they took their profits and now want to reinvest so they can take more profits? Manipulation and the "free market" at its finest. The masses pay so the few can become VERY rich.
Saturn93 Champion Author Salt Lake City Posts:6,571 Points:1,488,850 Joined:Oct 2006	Message Posted: Aug 29, 2010 2:09:43 AM Ignore Saturn93 Report Abuse Another great piece of journalism -- the headline says that Crude Oil May Rise After It Didn't Fall. Good thinking there.
jimgraham Champion Author Akron Posts:7,960 Points:1,513,070 Joined:Oct 2007	Message Posted: Aug 29, 2010 2:00:49 AM Ignore jimgraham Report Abuse Crroks in both the Wall Street offices and the media that reports on and for them.
danreino Champion Author Twin Cities Posts:6,275 Points:1,143,170 Joined:Mar 2008	Message Posted: Aug 29, 2010 1:58:44 AM Ignore danreino Report Abuse Maybe I'll sign up to be an analyst.
pricechecker08 Champion Author Ohio Posts:5,525 Points:1,236,850 Joined:Jan 2008	Message Posted: Aug 29, 2010 1:57:58 AM Ignore pricechecker08 Report Abuse I suspect spectators are here somewhere.
AKmailman Champion Author Alaska Posts:3,298 Points:1,099,495 Joined:Jul 2004	Message Posted: Aug 29, 2010 1:53:41 AM Ignore AKmailman Report Abuse what goes down must come up
DosEquis26 Champion Author Chicago Posts:3,758 Points:1,542,440 Joined:Jun 2006	Message Posted: Aug 29, 2010 1:52:27 AM Ignore DosEquis26 Report Abuse But can YOU forecast it?
Quick68 Champion Author Columbus Posts:4,837 Points:758,900 Joined:Dec 2009	Message Posted: Aug 29, 2010 1:45:24 AM Ignore Quick68 Report Abuse A third grader can forecast that. Everyone can tell you it will go up.
52MPG Champion Author Dayton Posts:4,909 Points:1,277,505 Joined:Apr 2006	Message Posted: Aug 29, 2010 1:44:06 AM Ignore 52MPG Report Abuse Just the Labor Day price increase.
Bigwaynef Champion Author South Carolina Posts:7,654 Points:1,613,960 Joined:Dec 2006	Message Posted: Aug 29, 2010 1:42:01 AM Ignore Bigwaynef Report Abuse Labor Day is coming soon...
Toppers Champion Author Atlanta Posts:6,673 Points:2,006,475 Joined:Mar 2005	Message Posted: Aug 29, 2010 1:39:45 AM Ignore Toppers Report Abuse Wait N see...
WVUtailgater Champion Author Pennsylvania Posts:6,092 Points:1,232,575 Joined:Aug 2008	Message Posted: Aug 29, 2010 1:39:13 AM Ignore WVUtailgater Report Abuse does anyone really know what the currency hedge and speculation will make the price do.
10k Champion Author North Carolina Posts:16,595 Points:1,787,870 Joined:May 2006	Message Posted: Aug 29, 2010 1:34:19 AM Ignore 10k Report Abuse of course it will rise-bloomberg says so.. only prob with bloomberg's prediction is that they are too late-it's rising already..
uptherefiners Champion Author Chicago Posts:3,313 Points:682,045 Joined:Jun 2006	Message Posted: Aug 29, 2010 1:31:58 AM Ignore uptherefiners Report Abuse DUHH...DO YA THINK SO?
Bus561 Champion Author Lexington Posts:14,076 Points:2,753,105 Joined:May 2004	Message Posted: Aug 29, 2010 1:31:52 AM Ignore Bus561 Report Abuse What do you mean rise next week? It has already risen and will probably go even higher.
cloud23465 Champion Author Virginia Beach Posts:5,856 Points:1,157,325 Joined:Aug 2008	Message Posted: Aug 29, 2010 1:31:41 AM Ignore cloud23465 Report Abuse SPECULATION!!!!SPECULATION!!!!SPECULATION!!!!
TheSicilian Champion Author Jacksonville Posts:3,021 Points:1,002,225 Joined:Feb 2009	Message Posted: Aug 29, 2010 1:31:20 AM Ignore TheSicilian Report Abuse up down up down here we go again----still
panama303 All-Star Author Denver Posts:790 Points:267,020 Joined:Jan 2005	Message Posted: Aug 29, 2010 1:28:45 AM Ignore panama303 Report Abuse I say it stays flat through Sept. unless we get a big gulf storm.
NotmeuQc Champion Author Montreal Posts:3,310 Points:668,945 Joined:Apr 2009	Message Posted: Aug 29, 2010 1:28:15 AM Ignore NotmeuQc Report Abuse Flip a coin, heads-up, tails-up, if it lands on the edge-down.
srchr Champion Author San Jose Posts:4,869 Points:1,160,825 Joined:Apr 2008	Message Posted: Aug 29, 2010 1:24:55 AM Ignore srchr Report Abuse that's why there's a futures market, so businesses can plan on what they will pay
tedjm1 Champion Author New York Posts:3,540 Points:389,685 Joined:Dec 2006	Message Posted: Aug 29, 2010 1:24:37 AM Ignore tedjm1 Report Abuse Who do you believe?
runway12 Champion Author Tacoma Posts:2,906 Points:580,455 Joined:Aug 2008	Message Posted: Aug 29, 2010 1:24:10 AM Ignore runway12 Report Abuse I can't see oil going up heading into the fall unless Australia and South America have one hell of a summer driving season.
outlaw329 Champion Author Austin Posts:5,279 Points:931,320 Joined:Aug 2008	Message Posted: Aug 29, 2010 1:24:05 AM Ignore outlaw329 Report Abuse Oil may rise, oil is plunging, oil will rise, oil is dropping. Sounds like a wife I had once. Baby I am not buying any more shoes, oh they were a steal, I will not buy anymore shoes since I have so many, I could not pass on the deal baby.
TBONE3 Champion Author Pennsylvania Posts:6,388 Points:1,510,745 Joined:Mar 2005	Message Posted: Aug 29, 2010 1:23:46 AM Ignore TBONE3 Report Abuse It MAY or it MAY NOT!!!
divebomber Champion Author Nebraska Posts:3,709 Points:1,344,340 Joined:Jun 2007	Message Posted: Aug 29, 2010 1:22:19 AM Ignore divebomber Report Abuse We'll seeeeeeeeeee.......! Looks like a crystal ball to me:)
CISA Champion Author Orange County Posts:4,445 Points:1,102,150 Joined:Dec 2006	Message Posted: Aug 29, 2010 1:21:55 AM Ignore CISA Report Abuse inventories high, demand stable to slightly dropping, Europe / US / Japan struggling. the only cavaets are emerging market growth and hurricane / monsoon season.
turbosaab Champion Author Cleveland Posts:14,937 Points:1,945,015 Joined:Sep 2006	Message Posted: Aug 29, 2010 1:21:17 AM Ignore turbosaab Report Abuse The operative word is "may".
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Aug 29, 2010 1:20:09 AM Ignore CobraLeader Report Abuse ... Sounds like Speculator heaven! ... ... HEADS I win, TAILS you lose ...
miser709 Veteran Author Grand Rapids Posts:405 Points:632,545 Joined:Mar 2004	Message Posted: Aug 29, 2010 1:19:35 AM Ignore miser709 Report Abuse My analysis is crude will increase and I will be correct 90% of the time. Who pays these people?
NavyStore Champion Author Seattle Posts:3,768 Points:1,658,815 Joined:Aug 2005	Message Posted: Aug 29, 2010 1:15:56 AM Ignore NavyStore Report Abuse Do I look surprised?
Blue_Cruzer Champion Author Lexington Posts:5,152 Points:1,202,725 Joined:Mar 2007	Message Posted: Aug 29, 2010 1:15:09 AM Ignore Blue_Cruzer Report Abuse I could probably use a crystal ball, and get as accurate a prediction as these so called analyst.
granitestater Champion Author New Hampshire Posts:6,309 Points:1,017,395 Joined:Oct 2008	Message Posted: Aug 29, 2010 1:13:00 AM Ignore granitestater Report Abuse Gas will stay down for the holiday.
TRAIN RIDER Champion Author San Bernardino Posts:6,763 Points:2,297,910 Joined:Oct 2004	Message Posted: Aug 29, 2010 1:12:48 AM Ignore TRAIN RIDER Report Abuse WE HAVE AN EXCESS OF OIL AND THE PRICES ARE GOING TO GO UP?
Huskersed All-Star Author Atlanta Posts:703 Points:337,950 Joined:Nov 2008	Message Posted: Aug 29, 2010 1:12:20 AM Ignore Huskersed Report Abuse Better fill-up the gas tank this week while still @ $2.42
mtnlion Champion Author Utah Posts:4,458 Points:568,275 Joined:Jul 2009	Message Posted: Aug 29, 2010 1:08:21 AM Ignore mtnlion Report Abuse no
CumminsFanOH Champion Author Columbus Posts:1,670 Points:827,990 Joined:Jan 2009	Message Posted: Aug 29, 2010 1:07:55 AM Ignore CumminsFanOH Report Abuse And of course, pump prices will go up.
rxman1 Champion Author Toledo Posts:6,996 Points:1,396,195 Joined:Nov 2007	Message Posted: Aug 29, 2010 1:06:35 AM Ignore rxman1 Report Abuse Demand is down and prices are more than they should be.
bbreff Champion Author Atlanta Posts:7,642 Points:2,127,990 Joined:Jun 2005	Message Posted: Aug 29, 2010 1:02:00 AM Ignore bbreff Report Abuse What did you expect, Labor day is next weekend.
Blue48 Champion Author Illinois Posts:4,960 Points:1,172,120 Joined:Feb 2007	Message Posted: Aug 29, 2010 1:00:41 AM Ignore Blue48 Report Abuse UP..DOWN..UP..DOWN!
BrucePen Champion Author Ontario Posts:4,665 Points:975,480 Joined:Sep 2008	Message Posted: Aug 29, 2010 12:59:38 AM Ignore BrucePen Report Abuse Big Oil is killing their golden goose. Electric cars on the horizon.
pliskin Champion Author Syracuse Posts:4,363 Points:1,347,095 Joined:Apr 2005	Message Posted: Aug 29, 2010 12:57:01 AM Ignore pliskin Report Abuse Just more speculation and price fixing I would presume.
sit Champion Author Cleveland Posts:2,891 Points:1,469,940 Joined:Feb 2006	Message Posted: Aug 29, 2010 12:56:24 AM Ignore sit Report Abuse Obama's dems need money for the elections.