Crude oil closed down $1.70 a barrel at $93.08 today. Prices closed near the session low today and hit a fresh 6 1/2 month low. The bears have the solid overall near term technical advantage and gained still more power today. A stronger U.S. dollar index today was bearish for the crude market. With a Trade......

EUR USD breaks above the 1.4280 major resistance line and reached the 1.4315 high so far. Intraday bias remains on the upside, as long as the 1.4020 minor support line is not broken. On the upside, since the 1.4280 major resistance line has been broken it indicates that bullish sentiment is strong and will target the 1.4577 major resistance line next.

Crude oil inventories spiked for a 2nd consecutive week, while on hand crude dropped in 3 out of 5 PAD districts the big gains in the Gulf Coast region created the net gain. Gasoline demand even fell for a 3rd consecutive week as gasoline inventories also made considerable gains. And oil prices showed the effects on Thursday touching a two week low of $88.00.

Commodity and equity traders pared long positions on Thursday ahead of Friday’s U.S. Non-Farm Payrolls Report. Traders appeared to be taking no chances that the report will come out better than expected, leading perhaps to the Fed cutting back on the amount of quantitative easing it is currently considering.