By FXEmpire.com

Analysis and Recommendations:

Crude Oil continues to decline, trading back under the 80.00 level, at 78.77.

As global growth rates continue to deteriorate and as consumers cut spending and manufacturing declines the demand on crude continues to fall.

OPEC ministers have agreed to return to their approved quotas, which still will oversupply the markets. The US has seen its crude oil production increase steadily making the US an energy exporter.

Today the markets were almost void of data, with no significant reports, except later in the day the US housing market report, which is expected to come in at forecast and have little market action

Simmering Euro Zone debt crisis and flattering economic growth in the US and China continued to keep markets under pressure and eroded investors’ risk appetite. Equities were down and commodities were mixed as the market eyed the EU summit and US GDP figures later this week. Spot gold steadied after the steep downslide the previous week and so did spot silver. However, dollar firming up against it major peers and worries over global economic slowdown kept gains under check. In the Indian scenario, noticeable advance in rupee against the US dollar during the morning trades exerted additional pressure over the bullion to move down.

In the base metal segment, signals were mixed. LME copper was seen mildly on the positive side after the European leaders agreed upon 130 billion euro package to revive economic growth in the area. However, worries over demand persisted.

Crude oil reversed the initial gains and declined as investors were skeptic over the upcoming EU summit and the Tropical Storm Debby shifted away from offshore energy installation. Nymex crude oil was trading below $80 a barrel while Brent crude oil traded below $90 a barrel the spread between the two continues to narrow.

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.

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Originally posted here