By FXEmpire.com
Analysis and Recommendations:
Crude Oil declined to trade at 84.53 as investors wait for the Chinese GDP data scheduled to release tomorrow, which would further throw light into the economic conditions in the top consumer of commodities. Crude oil slid nearly one per cent after the International Energy Agency said that market fundamentals had clearly eased since the start of the year and that the oil stocks have built up significantly over the last few months. Markets have been already under pressure from sagging global economic growth and uncertainty over the US monetary easing.
The most recent EIA inventory showed that stocks dropped yesterday by 4.3million barrels above market forecast.
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Click here to read Crude Oil Technical Analysis.
Originally posted here
