By FXEmpire.com
Analysis and Recommendations:
Crude Oil continued its decline to end the week trading at 91.89. Nymex crude oil prices traded on a flat note today on the back of completion of reversal of Seaway pipeline coupled with rise in risk aversion in global markets. Oil prices touched an intra-day low of $91.60/bbl.
Global market sentiments are mixed as we approach the end of the week. Heightening European economic concerns along with strength in the US Dollar Index is expected to act as a negative factor for dollar-denominated commodities.
Higher than expected inventories reported this week with global declines in GDP and production have reduced the demand as crude oil continues to tumble.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
WEEKLY
- This Week in Petroleum
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Release Schedule: Monday between 4:00 and 5:00 p.m. EST (schedule) - Weekly Petroleum Status Report
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Click here to read Crude Oil Technical Analysis.
Originally posted here
