By FXEmpire.com

Analysis and Recommendations:

Crude Oil continues to weaken trading at 78.81 after bouncing off of daily lows. Oil may continue to decline next week on signals that global economic growth is slowing as U.S. inventories increase. Futures tumbled yesterday as reports on U.S. manufacturing, jobless claims and home sales pointed to a slowdown, and euro- area manufacturing output shrank at the fastest pace in three years. Crude supplies rose 2.86 million barrels to 387.3 million last week, the highest level since July 1990, an Energy Department report on June 20 showed. The Federal Reserve Bank of Philadelphia’s economic index yesterday showed the worst contraction in manufacturing in almost a year. The National Association of Realtors said purchases of existing U.S. properties dropped in May. U.S. jobless claims decreased by 2,000 to 387,000 last week, the Labor Department said. The median forecast of economists surveyed by Bloomberg called for 383,000.

In Europe today, Germany’s IFO survey was the third gloomy economic sentiment barometer to be released this week (June PMI data and the volatile ZEW survey both are tracking at levels consistent with fairly sharp economic contraction). The survey showed that German firms are seeing a general deterioration in the overall business climate, business expectations, and in their assessment of their business’s situation. All three measures are tracking lower than they did during October-November 2011. Spain is expected to officially as for financial assistance on Monday, while the EU Finance Ministers prepare for their summit to review Greece and Spain and EU recovery, after being chided by the G20, last week, markets are expecting results from this meeting.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

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 to read Crude Oil Technical Analysis.

Originally posted here