By FXEmpire.com

Analysis and Recommendations:

Crude Oil is trading at 83.52 as investors took advantage of the weak dollar to buy up oil at a bottom price. Reduced growth means less demand which will keep oil prices depressed but investors are thinking that oil has hit the bottom at this time.

We may expect the seventeen nation currency euro to remain under pressure with the above question mark ahead of Italy bond auction on Thursday. So, weakening euro may weigh on oil prices. From fundamental front, Saudi Arabian Oil Minister Ali al-Naimi said OPEC may need a higher output quota and the U.S. issued more exemptions from sanctions for buying Iran’s crude. The production quota is expected to increase by OPEC members above 30 billion barrels per day, which may have negative impact on oil prices. On other side, due to fall in Iran crude oil import by some of the major Iranian oil consuming nations in last six months, US have expected them from the sanction. The list includes India, South Korea, Malaysia, Sri Lanka Turkey and Taiwan. Most importantly, oil market is eyeing for OPEC meet on tomorrow, which may create a sluggish trend in oil prices. From economic data point, economic release in the form of fall in import prices index is expected whereas fall in monthly budget may create a negative picture of the US economy. This weeks inventory will tell the story as investors are expecting to see it adjust downwards.

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Originally posted here