Crude Oil
Oil fell for a second day in New York and was headed for the biggest monthly decline since May after refiners reduced operations on the U.S. East Coast because of Hurricane Sandy. Futures slid as much as 0.5 percent after dropping 0.9 percent yesterday. Phillips 66, Hess Corp., NuStar Energy LP (NS) and PBF Energy Inc. shut or lowered output prior to Sandy making landfall. The storm, the largest in the Atlantic on record, has since been downgraded to a post-tropical cyclone by the U.S. National Hurricane Center. Gasoline decreased from the highest level in almost two weeks. In the short term, we could see this disruptive event having an impact, said Michael McCarthy, a chief market strategist at CMC Markets in Sydney. With refiners shutting we're likely to see oil reserves building and that's likely to dampen the price. West Texas Intermediate crude for December delivery fell as much as 44 cents to $85.10 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.33 at 1 p.m. Singapore time. The contract closed at $85.54 yesterday, the lowest since July 10. Prices, down 14 percent this year, have lost 7.5 percent so far in October.
Oil fell for a second day in New York and was headed for the biggest monthly decline since May after refiners reduced operations on the U.S. East Coast because of Hurricane Sandy. Futures slid as much as 0.5 percent after dropping 0.9 percent yesterday. Phillips 66, Hess Corp., NuStar Energy LP (NS) and PBF Energy Inc. shut or lowered output prior to Sandy making landfall. The storm, the largest in the Atlantic on record, has since been downgraded to a post-tropical cyclone by the U.S. National Hurricane Center. Gasoline decreased from the highest level in almost two weeks. In the short term, we could see this disruptive event having an impact, said Michael McCarthy, a chief market strategist at CMC Markets in Sydney. With refiners shutting we're likely to see oil reserves building and that's likely to dampen the price. West Texas Intermediate crude for December delivery fell as much as 44 cents to $85.10 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.33 at 1 p.m. Singapore time. The contract closed at $85.54 yesterday, the lowest since July 10. Prices, down 14 percent this year, have lost 7.5 percent so far in October.
Support
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Resistance
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Crude Oil
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84.45
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86.09
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83.74
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87.02
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82.81
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87.73
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