Analysis and Recommendations:

Crude Oil continues to fall, trading at 105.47 down 1.25. The drop in crude also came as the IEA said in its monthly report that it expects global oil demand to grow 0.9% in 2012, as the economic backdrop and high oil prices restrain any upside momentum for consumption.

The agency projects global daily demand of 89.9 million barrels in 2012.

The report also showed that global oil supply fell 200.000 barrels a day in February, with the highest output level for OPEC since 2008 only partly offsetting a decline from non-OPEC countries.

Geopolitical concerns about potential losses related to Iran add more uncertainty for crude outlook, the agency said. U.S. crude oil inventories increased by 1.8 million barrels in the week ended March 9, missing estimates for a 2.0 million barrel increase. U.S. crude supplies rose by 0.8 million barrels in the preceding week.

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Economic Events: (GMT)

WEEKLY

Crude Oil Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
103.007
104.068
104.887
105.948
106.767
107.828
108.647

Fibonacci
104.068
104.787
105.230
105.948
106.667
107.110
107.828

Camarilla
105.188
105.360
105.533
105.948
105.877
106.050
106.222

Woodie's
-
104.008
104.765
105.888
106.645
107.768
-

DeMark's
-
-
106.358
105.744
104.478
-
-