Crude Oil Fundamental Analysis February 3, 2012, Forecast

By FX Empire.com

Economic Events: (GMT)

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Analysis and Recommendations:

Crude Oil is currently trading at 96.49 down 1.21 and falling.

The Black Gold fell on Greek mixed messages adding to default fears.

Jean Claude Juncker stated talks with private creditors on the Greek debt restructuring plan have proven to be “ultra difficult”. Later, the European Union’s Economic and Monetary Affairs Commissioner Olli Rehn stated that Greek debt negotiations were at an advanced staged with a conclusion pending.

Followed by a news report stating, that European officials this evening dashed hopes of a fast settlement between Greece and its private bondholders due to the opposition of some of the Greek political leaders towards additional spending cuts demanded by the lenders as well as a disagreement between the IMF and Germany on the involvement of the ECB in the bond swap. Friday will be all about he said, she said.. deal or no deal.

The markets continue to keep an eye on Iran but are not factoring in any worries at this time. Most western nations have had the time necessary to reroute supplies before embargo deadlines or Iranian threats.

Originally posted here