12/6/2012 Update:

Wendsdays Crude Pit Session: 

High: 88.57

Low: 87.46

Settle: 87.87

Looking ahead to today’s crude pit session:

Despite yesterday’s DOE inventory numbers coming in with a larger draw than forecasted (-2.4m vs -400k) we saw crude oil prices continue to fall as a result of a surge in RBOB and Heating Oil  stockpiles.  This push down was further fueled as news that Democrats and Republicans talks to avert the looming fiscal cliff are breaking down.  An open below yesterdays pit session low of 87.46 could be a bearish indication that crude oil traders may continue to push prices down; otherwise we could see prices chop today.   Additionally, we need to keep a close eye on geopolitical news out of Syria, Turkey and the Middle East as any escalation of unrest in these regions could impact prices.

Tune in this morning to hear a full analysis and pit commentary.  

www.crudesquawk.com

Levels:  

Support: 87.46, 87.36, 87.00, 86.86, 86.00, 85.75, 85.00, 84.50

Resistance: 87.97, 88.50, 89.05, 89.50, 90.00, 90.19, 91.00