COM: Energy tumbles on speculation of high inventory
Crude oil futures paused near $82 mark facing resistance level traded steadied on speculation of higher inventory build backed by weak equity indices. Oil prices got a good start on high buying pressure on positive economic optimism and rising demand concerns.
The Houston Ship Channel will remain closed to most vessels until at least late today because of repairs to a damaged tower that supports power cables, according to the U.S. Coast Guard.
A strike at Marseille, France's biggest oil port, continued for a ninth day, delaying ships from docking and reducing operations at refineries in the area.
Natural gas futures traded down near $3.730 on weaker cash prices at physical market on lower demand as winter demand yet to pick up NYMEX Crude oil has important resistance at $84 and support at $80.