By FXEmpire.com

Analysis and Recommendations:

Crude Oil is trading at 97.17 down 1.12 since Friday after dropping close to 6% in that session.

Oil futures bore the brunt of aggressive selling, as upcoming Iranian nuclear negotiations on May 23 with the West is playing a significant role in diluting the geopolitical “uncertainty premium” that has been price in Brent crude for so long. Rising U.S crude oil inventories have also exerted lower pressure on the energy complex, with US domestic crude oil stockpiles rising consecutively for the past six weeks and hitting its highest level since 1990.

On a weekly basis, Nymex crude oil was the worst performer in the non-agri commodities segment. Crude oil prices declined sharply by more than 6 percent and slipped below the crucial $ 100/bbl mark taking cues from rise in US crude oil inventories at its highest point in last 21 years. Additionally, unfavorable economic data from US and Euro Zone coupled with strength in dollar index exerted further downside pressure on oil prices. Crude oil touched a low of $ 97.51/bbl during the week and closed at $ 98.49/bbl on Friday.

Economic Releases May 7, 2012 actual v. forecast

AUD

Building Approvals (MoM)

7.4%

3.1%

-8.8%

AUD

NAB Business Confidence

4

3

AUD

Retail Sales (MoM)

0.9%

0.2%

0.3%

CHF

Unemployment Rate

3.1%

3.1%

3.0%

CHF

CPI (MoM)

0.1%

0.2%

0.6%

EUR

German Factory Orders (MoM)

2.2%

0.5%

0.6%

CAD

Building Permits (MoM)

4.7%

-1.5%

7.6%

Economic Events for May 8, 2012

00:01 GBP RICS House Price Balance

02:30 AUD Trade Balance

06:45 CHF SECO Consumer Climate

13:15 CAD Housing Starts

WEEKLY

  • This Week in Petroleum
    Release Schedule: Wednesday @ 1:00 p.m. EST (schedule)
  • Gasoline and Diesel Fuel Update
    Release Schedule: Monday between 4:00 and 5:00 p.m. EST (schedule)
  • Weekly Petroleum Status Report
    Release Schedule: The wpsrsummary.pdf, overview.pdf, and Tables 1-14 in CSV and XLS formats, are released to the Web site after 10:30 a.m. (Eastern Time) on Wednesday. All other PDF and HTML files are released to the Web site after 1:00 p.m. (Eastern Time) on Wednesday. Appendix D is produced during the winter heating season, which extends from October through March of each year. For some weeks which include holidays, releases are delayed by one day. (schedule)

Click here a current Crude Oil Chart.

Originally posted here