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Crude Oil Fundamental Analysis Jan. 31, 2012, Forecast

Crude Oil Fundamental Analysis Jan. 31, 2012, Forecast

s and Recommendations:

Crude Oil is currently trading 99.20 down .36 mid afternoon. The fall came on top of a 14-cent decline Friday, when weaker-than-expected U.S. economic growth for the fourth quarter raised doubts about the demand outlook and pressured Nymex crude futures.

The demand concern outweighed geopolitical tensions surrounding Iran and the European Union's recent decision to embargo many imports from the Middle-Eastern nation.

U.S. weekly oil data are expected to show crude oil stocks rose last week, while refiners left operations unchanged. According to early estimates from six analysts surveyed by Dow Jones Newswires, U.S. crude-oil inventories rose by 3.2 million barrels in the week ended Jan. 27. All six analysts expect an increase. Forecasts range from a build of 2 million barrels to 4.9 million barrels.

The closely watched government survey from the Energy Information Administration is due at 10:30 a.m. EST Wednesday.

Crude-oil futures declined in electronic trading Monday as U.S. stock-index futures and most Asian and European stock markets fell and the dollar strengthened amid lingering worries over Greece.

The Commerce Department reported U.S. consumer spending came to a virtual standstill in December after climbing 0.1% the month before. Other US economic reports are also coming in weaker then expected.

Crude Oil Pivot Points (Time Frame: 1 Day)
 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
96.9233
97.6717
98.3333
99.0817
99.7433
100.492
101.153

Fibonacci
97.6717
98.2103
98.5430
99.0817
99.6203
99.9530
100.492

Camarilla
98.6072
98.7365
98.8658
99.0817
99.1243
99.2535
99.3828

Woodie's
-
97.6500
98.2900
99.0600
99.7000
100.470
-

DeMark's
-
-
99.4125
98.9163
98.0025
-
-