By FX Empire.com

Economic Events: (GMT)

WEEKLY

Crude Oil Fundamental Analysis February 9, 2012, Forecast

Crude Oil Fundamental Analysis February 9, 2012, Forecast

Analysis and Recommendations

Crude Oil is currently trading up 59 cents, or 0.6%, to $99 a barrel. Weekly government inventories showed a smaller-than-expected increase in supplies, but they trimmed gains as the data contrasted with a trade group’s earlier report of a steep decline – a bit confusing. Oil traded as high as $100.09 a barrel earlier, and as low as $98.17 a barrel. The Black Gold pared gains slightly after the Energy Information Administration’s report. Moments before the data, the March contract traded at $99.76 a barrel.

Originally posted here