MTECHTIPS;-Crude oil pushes toward first weekly gain in a month on production drop

MTECHTIPS;-Crude oil pushes toward first weekly gain in a month on production drop

Crude oil futures traded higher in bullish European action, pushing toward its first weekly gain in a month, as Syrian tensions  and a production drop pushed the commodity higher.On the New York Mercantile Exchange, Crude oil futures for November delivery traded at USD92.32 a gaining 0.28% in European trade.   It earlier traded at a session low USD92.22 a barrel. Crude oil was likely to find support at USD88.21 and resistance at USD93.64.OPEC production fell 510,000 barrels a day to 31.17 million last month as Iranian sanctions reduced exports pressuring oil higher. Political tensions between Turkey and Syria are adding to the bullish fervor. Government data earlier indicated industrial production in the euro zone rose unexpectedly in August, rising 0.6% after an increase of 0.6% the previous month. Analysts had expected industrial production to fall by 0.4% in August. However, worries over the worsening of the euro zone's debt crisis re-emerged after top economists slashed their growth forecasts for Germany on Thursday, and warned that public support for financial aid for struggling countries was evaporating. Leading economic research institutes said they now expect gross domestic to increase by only 1% in 2013 instead of 2% in the currency bloc's largest economy, adding that the region's financial woes are hurting business spending on new equipment and production facilities, a key component of growth. 

WWW.MTECHTIPS.COM

07489294118