The US Fed is expected to cut its bond purchases by another $10 billion. So starting in February, it will buy $65 billion in bonds per month. Also, there are growing concerns about the impact of slower growth in China that make the US dollar stronger. Estimates from 11 analysts surveyed showed that US oil inventories are projected to have risen by 2.2 million barrels on average in the week ended January 24, 2014. Crude oil inventories rose 6.4 million barrels, thus contributing to decrease in oil prices. Technical front crude is trading above the level $97 which is a bullish factor. Oscillators gave mixed indications resulting in limited downside.
Support- $96, $91.75
Resistance- $97.8, $99.76
