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Oil Set for $91 on Range Break, BarCap Says: Technical Analy

Bloomberg.com -- Nov. 6 (Bloomberg) -- Crude oil is set to reach $91 a barrel in New York after breaking through its four-month trading range and 200-week moving average, according to technical analysis by Barclays Capital.

Crude is poised to close above its 200-week mean for a third week after staying below this level for the past year. The commodity has also breached a range roughly between $60 and $76 that held from June to October, the bank said. This creates the potential to form a new range of similar size that may take prices in a “measured move” up to $91 a barrel, Barclays said.

“The breakout of that range gives an upside target to the $91 area,” Barclays analyst MacNeil Curry said in a telephone interview from New York.

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Submitted Nov 07, 2009 By: liltruckman

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ENORMS Champion Author Colorado Posts:1,290 Points:527,675 Joined:Sep 2006	Message Posted: Nov 11, 2009 7:34:21 AM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
Night Owl Champion Author Toronto Posts:1,855 Points:661,940 Joined:Jul 2004	Message Posted: Nov 8, 2009 2:49:43 PM Ignore Night Owl Report Abuse Greedy oil speculators don't care about the strong global recession.
ENORMS Champion Author Colorado Posts:1,290 Points:527,675 Joined:Sep 2006	Message Posted: Nov 8, 2009 7:20:51 AM Ignore ENORMS Report Abuse Damm speculators are at it again!!
RobRD Champion Author Alberta Posts:3,683 Points:866,870 Joined:Jul 2007	Message Posted: Nov 7, 2009 11:27:36 PM Ignore RobRD Report Abuse $91 a barrel is getting to high and could endanger the recovery.
Night Owl Champion Author Toronto Posts:1,855 Points:661,940 Joined:Jul 2004	Message Posted: Nov 7, 2009 10:23:55 PM Ignore Night Owl Report Abuse Greedy oil speculators just don't care about the worldwide economic recession.
alterman156 Champion Author New York Posts:1,620 Points:409,250 Joined:Dec 2008	Message Posted: Nov 7, 2009 7:15:21 PM Ignore alterman156 Report Abuse Now the speculators will drive up the price of oil.
BEngr All-Star Author Illinois Posts:893 Points:449,830 Joined:May 2008	Message Posted: Nov 7, 2009 3:17:29 PM Ignore BEngr Report Abuse Why do I get the impression that Barclays Capital technical analysis is meant to give credablity to the latest crude oil price increases. Don't they know that the speculators love reading this?
4warned Champion Author Michigan Posts:3,367 Points:1,084,290 Joined:Nov 2006	Message Posted: Nov 7, 2009 3:07:06 PM Ignore 4warned Report Abuse Oil companies are a bunch of greedy people. Always finding ways to drive the price of oil up.
thirstyauto Champion Author Milwaukee Posts:4,665 Points:469,375 Joined:Nov 2008	Message Posted: Nov 7, 2009 3:06:49 PM Ignore thirstyauto Report Abuse Any way you look at it the cost is going up.
headhog All-Star Author Indiana Posts:712 Points:280,170 Joined:Nov 2008	Message Posted: Nov 7, 2009 3:06:13 PM Ignore headhog Report Abuse Speculation, Speculation Speculation!!!
Mr.Dirt Champion Author Albany Posts:4,210 Points:1,666,845 Joined:Mar 2004	Message Posted: Nov 7, 2009 3:04:41 PM Ignore Mr.Dirt Report Abuse twenty more week of no work kep up the good work big oil
DFleming Veteran Author Alberta Posts:487 Points:101,160 Joined:May 2008	Message Posted: Nov 7, 2009 2:59:50 PM Ignore DFleming Report Abuse Gas is going down here
craveninnj Sophomore Author New Jersey Posts:110 Points:22,700 Joined:Oct 2009	Message Posted: Nov 7, 2009 2:59:20 PM Ignore craveninnj Report Abuse up, down, up, down... this is ridiculous!
hwmillerster All-Star Author Missouri Posts:972 Points:324,760 Joined:Oct 2008	Message Posted: Nov 7, 2009 2:58:00 PM Ignore hwmillerster Report Abuse The people who have predicted this are probably buying with the view that oil prices will stay put or even go down.
OKRifle Champion Author Oklahoma City Posts:3,955 Points:676,920 Joined:Oct 2007	Message Posted: Nov 7, 2009 2:57:52 PM Ignore OKRifle Report Abuse Arrrrgggggggh! Here we go again!
jwduke1 Champion Author Iowa Posts:10,460 Points:2,050,230 Joined:Apr 2004	Message Posted: Nov 7, 2009 2:54:18 PM Ignore jwduke1 Report Abuse The greed of big oil & speculators is setting in!
craveninnj Sophomore Author New Jersey Posts:110 Points:22,700 Joined:Oct 2009	Message Posted: Nov 7, 2009 2:53:45 PM Ignore craveninnj Report Abuse i agree, this is ridiculous
Wolfwings Champion Author Delaware Posts:3,057 Points:651,555 Joined:May 2004	Message Posted: Nov 7, 2009 2:52:18 PM Ignore Wolfwings Report Abuse The problem, as I see it, is that we are still buying oil no mater what the suppliers are charging. The ONLY WAY to get prices down is to STOP any unnecessary driving by walking, taking public transportation and combining driving chores so that we USE LESS. Once suppliers (and SPECK-u-lators) see their profits going down they will opt for some profit over no profit and lower their prices. We got the price down from $4 bucks, now lets get it under $2.
remay Champion Author Houston Posts:1,360 Points:983,655 Joined:May 2006	Message Posted: Nov 7, 2009 2:51:17 PM Ignore remay Report Abuse where it stops, nobody knows...
janctx Champion Author Lubbock Posts:1,984 Points:692,795 Joined:Nov 2007	Message Posted: Nov 7, 2009 2:50:46 PM Ignore janctx Report Abuse Chit, here we go again
almoose2558 Veteran Author New Jersey Posts:465 Points:164,865 Joined:Nov 2008	Message Posted: Nov 7, 2009 2:48:07 PM Ignore almoose2558 Report Abuse all these greedy creeps need to do is post a report like this to get the prices to inflate. and also tropical storm ida is headed to the gulf so hang on to your wallets.
threewheeler Champion Author Seattle Posts:1,538 Points:115,785 Joined:Jun 2008	Message Posted: Nov 7, 2009 2:47:11 PM Ignore threewheeler Report Abuse move to hydrogen.
Tatalah Champion Author Riverside Posts:4,576 Points:1,329,690 Joined:May 2003	Message Posted: Nov 7, 2009 2:45:33 PM Ignore Tatalah Report Abuse Another reason to quit oil and move to hydrogen.
Wolfwings Champion Author Delaware Posts:3,057 Points:651,555 Joined:May 2004	Message Posted: Nov 7, 2009 2:43:42 PM Ignore Wolfwings Report Abuse The problem, as I see it, is that we are still buying oil no mater what the suppliers are charging. The ONLY WAY to get prices down is to STOP any unnecessary driving by walking, taking public transportation and combining driving chores so that we USE LESS. Once suppliers (and SPECK-u-lators) see their profits going down they will opt for some profit over no profit and lower their prices. We got the price down from $4 bucks, now lets get it under $2.
guyincognitoNY Champion Author New York Posts:2,514 Points:508,135 Joined:Sep 2008	Message Posted: Nov 7, 2009 2:41:31 PM Ignore guyincognitoNY Report Abuse who cares what these morons say i know it's heading to 100 a barrel.
rjoeh Champion Author Michigan Posts:3,169 Points:1,451,380 Joined:Jun 2004	Message Posted: Nov 7, 2009 2:39:19 PM Ignore rjoeh Report Abuse Who cares... there is nothing that says it has to re-reach that milestone and if it does... then its a matter of speculator greed and government intervention may be around the corner to road block further hikes.
MoGas72 Champion Author Detroit Posts:1,680 Points:506,340 Joined:Feb 2006	Message Posted: Nov 7, 2009 2:36:53 PM Ignore MoGas72 Report Abuse When is Congress going to get serious about these f*&(#$% speculators?
boutmuet Veteran Author Orange County Posts:353 Points:155,110 Joined:Apr 2009	Message Posted: Nov 7, 2009 2:36:30 PM Ignore boutmuet Report Abuse bullshit, demand is down and crude is down for its second day at 77.
antur Champion Author Chicago Posts:1,182 Points:333,545 Joined:Mar 2008	Message Posted: Nov 7, 2009 2:35:32 PM Ignore antur Report Abuse F***ing speculators.
garman87 All-Star Author Austin Posts:656 Points:1,343,690 Joined:Aug 2005	Message Posted: Nov 7, 2009 2:35:25 PM Ignore garman87 Report Abuse That is so true Blackice.
CISA Champion Author Orange County Posts:1,353 Points:552,635 Joined:Dec 2006	Message Posted: Nov 7, 2009 2:34:59 PM Ignore CISA Report Abuse Inventory up, economic growth flat, oil prices slightly down.
olcowboy14 Champion Author Spokane Posts:3,813 Points:617,225 Joined:Jul 2007	Message Posted: Nov 7, 2009 2:32:50 PM Ignore olcowboy14 Report Abuse Just wait a little while it will be back up to $140 a barrel.
Zeke33 Champion Author New Hampshire Posts:2,261 Points:831,165 Joined:Sep 2005	Message Posted: Nov 7, 2009 2:29:18 PM Ignore Zeke33 Report Abuse Gouging at its best.
Blackice Champion Author Twin Cities Posts:2,849 Points:729,585 Joined:Oct 2003	Message Posted: Nov 7, 2009 2:23:53 PM Ignore Blackice Report Abuse Another story for speculators to boost oil prices. I been reading for the past two days how the world economy is still struggling and the demand for oil is low. And as all of us here know... higher gas prices means our economy goes nowhere.
PaylessKY Champion Author Kentucky Posts:2,275 Points:491,255 Joined:Oct 2008	Message Posted: Nov 7, 2009 2:21:46 PM Ignore PaylessKY Report Abuse Speculation at its best.
jd2009 Champion Author Honolulu Posts:1,377 Points:396,505 Joined:Jan 2009	Message Posted: Nov 7, 2009 2:20:29 PM Ignore jd2009 Report Abuse More speculation and greed ... keep conserving
mrbee Veteran Author Little Rock Posts:332 Points:1,368,735 Joined:Oct 2005	Message Posted: Nov 7, 2009 2:20:18 PM Ignore mrbee Report Abuse Blah. Blah. Blah.
DellDude2 Champion Author Nashville Posts:3,077 Points:977,385 Joined:Aug 2005	Message Posted: Nov 7, 2009 2:18:51 PM Ignore DellDude2 Report Abuse Hope we don't return to that $160/barrel we saw last year.
waynemustang Champion Author Indiana Posts:2,511 Points:691,685 Joined:Nov 2006	Message Posted: Nov 7, 2009 2:18:38 PM Ignore waynemustang Report Abuse Bloomberg is usually wrong.
pulpwood Champion Author Mississippi Posts:3,309 Points:1,031,850 Joined:Sep 2006	Message Posted: Nov 7, 2009 2:17:31 PM Ignore pulpwood Report Abuse They are going to make sure it will!
JoeDriver Champion Author Colorado Posts:4,958 Points:1,214,465 Joined:Aug 2005	Message Posted: Nov 7, 2009 2:13:31 PM Ignore JoeDriver Report Abuse Don't you hate it when some bozo says oil will do this or do that and the "Specu-traitors" make it happen.
lindact Champion Author New Haven Posts:3,163 Points:622,810 Joined:May 2008	Message Posted: Nov 7, 2009 2:03:40 PM Ignore lindact Report Abuse I thought oil closed lower yesterday on weak demand.
lpj Champion Author Macon Posts:6,403 Points:1,353,035 Joined:Apr 2006	Message Posted: Nov 7, 2009 2:03:04 PM Ignore lpj Report Abuse get the speculators out of oil business , they are the ones pushing the range upwards !!
paoli8 Champion Author Philadelphia Posts:2,139 Points:760,075 Joined:Jul 2007	Message Posted: Nov 7, 2009 2:00:47 PM Ignore paoli8 Report Abuse When will it ever end.
LanguageMan1 Champion Author Tampa Posts:4,818 Points:545,975 Joined:Apr 2008	Message Posted: Nov 7, 2009 1:59:08 PM Ignore LanguageMan1 Report Abuse What a bunch of bull from the media and government today. Economy getting better while more are losing their jobs, homes, businesses going under, and them closing more and more banks [over a 100 so far this year, and more of them every Friday, every week. Maybe your bank is next! Wanna bet on Bank of America or one of the other big ones next or in the next few weeks?], etc. This economy hasn't turned around. We're using less oil, less gas; which means that the prices are artificially inflated. We'll be using less in the coming weeks and months ahead, and once the retail numbers come in for the holiday season, it'll reflect further on how bad it is this year. While the price of oil and gas might go up for a short time, it'll come back down below $65 and probably below $54 for a short time as well. After that though, watch it head on up past $100 a barrel, even past $150. Better save your money, reduce all your energy costs, improve the mileage your getting or get into a more fuel efficient vehicle, because your electric rates will go up by 30, 50 and 100% and you'll be paying ovewr $5 a gallon for gas soon enough here in the US and you'll be paying $5 for a dozen eggs or loaf of bread. Better to save the money, invest it and make more, spend some to reduce your monthly costs, etc. You'll be especially glad when oil head up past $180 a barrel.
NavyStore Champion Author Seattle Posts:1,862 Points:1,016,715 Joined:Aug 2005	Message Posted: Nov 7, 2009 1:55:08 PM Ignore NavyStore Report Abuse Ever notice how the analysts say 'Gas will go up' and everyone begins buying futures - making it go up? Seems to me that they are creating artificial bubbles.
nimpy Champion Author Indianapolis Posts:3,485 Points:764,540 Joined:Oct 2007	Message Posted: Nov 7, 2009 1:54:47 PM Ignore nimpy Report Abuse Thsi is speculator talk. How can anyone know. It should follw the laws of supply and demand not on whims
CPGas1815 All-Star Author Michigan Posts:888 Points:138,615 Joined:Apr 2008	Message Posted: Nov 7, 2009 1:54:06 PM Ignore CPGas1815 Report Abuse I've already cut my budget to below a bare bones level. Any increase at the pump will only further imperil my ability to make ends meet. The world's oil cartel of suppliers and distributers must be stopped or I and countless millions of US Citizens will be bankrupt or worse dead.
dhnbBUG Champion Author Pennsylvania Posts:2,528 Points:598,045 Joined:Apr 2008	Message Posted: Nov 7, 2009 1:49:02 PM Ignore dhnbBUG Report Abuse Guess we'll see OPEC raising production now.
dopster Champion Author Toledo Posts:1,307 Points:1,220,735 Joined:Aug 2004	Message Posted: Nov 7, 2009 1:45:00 PM Ignore dopster Report Abuse OK....really! The government doesn't control the price of oil.