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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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REPLIES (newest first)
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All-Star Author Colorado

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Message Posted: Nov 11, 2009 6:34:21 AM

The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
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Champion Author Toronto

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Message Posted: Nov 8, 2009 1:49:43 PM

Greedy oil speculators don't care about the strong global recession.
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All-Star Author Colorado

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Message Posted: Nov 8, 2009 6:20:51 AM

Damm speculators are at it again!!
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Champion Author Alberta

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Message Posted: Nov 7, 2009 10:27:36 PM

$91 a barrel is getting to high and could endanger the recovery.
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Champion Author Toronto

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Message Posted: Nov 7, 2009 9:23:55 PM

Greedy oil speculators just don't care about the worldwide economic recession.
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Champion Author New York

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Message Posted: Nov 7, 2009 6:15:21 PM

Now the speculators will drive up the price of oil.
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Veteran Author Illinois

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Message Posted: Nov 7, 2009 2:17:29 PM

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?
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Champion Author Michigan

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Message Posted: Nov 7, 2009 2:07:06 PM

Oil companies are a bunch of greedy people. Always finding ways to drive the price of oil up.
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Champion Author Milwaukee

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Message Posted: Nov 7, 2009 2:06:49 PM

Any way you look at it the cost is going up.
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All-Star Author Indiana

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Message Posted: Nov 7, 2009 2:06:13 PM

Speculation, Speculation Speculation!!!
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Champion Author Albany

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Message Posted: Nov 7, 2009 2:04:41 PM

twenty more week of no work kep up the good work big oil
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Veteran Author Alberta

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Message Posted: Nov 7, 2009 1:59:50 PM

Gas is going down here
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Rookie Author New Jersey

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Message Posted: Nov 7, 2009 1:59:20 PM

up, down, up, down... this is ridiculous!
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Veteran Author Missouri

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Message Posted: Nov 7, 2009 1:58:00 PM

The people who have predicted this are probably buying with the view that oil prices will stay put or even go down.
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Champion Author Oklahoma City

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Message Posted: Nov 7, 2009 1:57:52 PM

Arrrrgggggggh! Here we go again!
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Champion Author Iowa

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Message Posted: Nov 7, 2009 1:54:18 PM

The greed of big oil & speculators is setting in!
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Rookie Author New Jersey

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Message Posted: Nov 7, 2009 1:53:45 PM

i agree, this is ridiculous
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Champion Author Delaware

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Message Posted: Nov 7, 2009 1:52:18 PM

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.
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All-Star Author Houston

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Message Posted: Nov 7, 2009 1:51:17 PM

where it stops, nobody knows...
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Champion Author Texas

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Message Posted: Nov 7, 2009 1:50:46 PM

Chit, here we go again
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Veteran Author New Jersey

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Message Posted: Nov 7, 2009 1:48:07 PM

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.
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All-Star Author Seattle

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Message Posted: Nov 7, 2009 1:47:11 PM

move to hydrogen.
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Champion Author Riverside

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Message Posted: Nov 7, 2009 1:45:33 PM

Another reason to quit oil and move to hydrogen.
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Champion Author Delaware

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Points:548,325
Joined:May 2004
Message Posted: Nov 7, 2009 1:43:42 PM

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.
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Champion Author New York

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Message Posted: Nov 7, 2009 1:41:31 PM

who cares what these morons say i know it's heading to 100 a barrel.
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Champion Author Michigan

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Message Posted: Nov 7, 2009 1:39:19 PM

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.
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Champion Author Detroit

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Message Posted: Nov 7, 2009 1:36:53 PM

When is Congress going to get serious about these f*&(#$% speculators?
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Sophomore Author Orange County

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Message Posted: Nov 7, 2009 1:36:30 PM

bullshit, demand is down and crude is down for its second day at 77.
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All-Star Author Chicago

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Message Posted: Nov 7, 2009 1:35:32 PM

F***ing speculators.
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Sophomore Author Austin

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Message Posted: Nov 7, 2009 1:35:25 PM

That is so true Blackice.
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All-Star Author Orange County

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Message Posted: Nov 7, 2009 1:34:59 PM

Inventory up, economic growth flat, oil prices slightly down.
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Champion Author Spokane

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Message Posted: Nov 7, 2009 1:32:50 PM

Just wait a little while it will be back up to $140 a barrel.
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Champion Author New Hampshire

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Message Posted: Nov 7, 2009 1:29:18 PM

Gouging at its best.
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Champion Author California

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Message Posted: Nov 7, 2009 1:28:58 PM

someone needs to cut the cord on these people same people said it would be back at 50 before the end of the year
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Champion Author Twin Cities

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Message Posted: Nov 7, 2009 1:23:53 PM

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.
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Champion Author Kentucky

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Message Posted: Nov 7, 2009 1:21:46 PM

Speculation at its best.
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Champion Author Honolulu

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Message Posted: Nov 7, 2009 1:20:29 PM

More speculation and greed ... keep conserving
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Rookie Author Little Rock

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Message Posted: Nov 7, 2009 1:20:18 PM

Blah. Blah. Blah.
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Champion Author Nashville

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Message Posted: Nov 7, 2009 1:18:51 PM

Hope we don't return to that $160/barrel we saw last year.
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Champion Author Indiana

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Message Posted: Nov 7, 2009 1:18:38 PM

Bloomberg is usually wrong.
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Champion Author Mississippi

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Message Posted: Nov 7, 2009 1:17:31 PM

They are going to make sure it will!
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Champion Author Colorado

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Message Posted: Nov 7, 2009 1:13:31 PM

Don't you hate it when some bozo says oil will do this or do that and the "Specu-traitors" make it happen.
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Champion Author New Haven

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Message Posted: Nov 7, 2009 1:03:40 PM

I thought oil closed lower yesterday on weak demand.
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Champion Author Macon

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Message Posted: Nov 7, 2009 1:03:04 PM

get the speculators out of oil business , they are the ones pushing the range upwards !!
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Champion Author Philadelphia

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Message Posted: Nov 7, 2009 1:00:47 PM

When will it ever end.
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Champion Author Tampa

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Message Posted: Nov 7, 2009 12:59:08 PM

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.
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Champion Author Seattle

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Message Posted: Nov 7, 2009 12:55:08 PM

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.
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Champion Author Indianapolis

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Message Posted: Nov 7, 2009 12:54:47 PM

Thsi is speculator talk. How can anyone know. It should follw the laws of supply and demand not on whims
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All-Star Author Michigan

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Message Posted: Nov 7, 2009 12:54:06 PM

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.
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Champion Author Pennsylvania

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Message Posted: Nov 7, 2009 12:49:02 PM

Guess we'll see OPEC raising production now.
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