Crude Oil Fundamental Analysis Feb, 1, 2012, Forecast

By FX Empire.com

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Analysis and Recommendations:

Crude Oil declined to $98.64 a barrel after rising in morning session. Oil rose by as much 2.25% to trade at USD101.28 a barrel, the highest since January 26 before turning lower gains rapidly evaporated after the dollar rose and negative U.S. macroeconomic data pulled most markets lower.

The oil market turned sour after earlier optimism on Europe and a lower dollar, amid weak data on U.S. consumer confidence, home prices, and business activity in the Chicago area.

Home prices in the US fell another 1.3%.

The U.S. Senate Banking Committee plan to vote on a new round of sanctions targeting Iran’s energy sector. Adding worry that tensions may escalate with Iran, but at this time, the market is ignoring the rhetoric coming for Iran.

Originally posted here