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Crude Oil Fundamental Analysis March 1, 2012, Forecast
Analysis and Recommendations:
Crude Oil declined from the high of 107.44 after a weekly U.S. government report showed a higher-than-expected increase for crude inventories, and on diminished prospects for a new round of aid for the U.S. economy. Data released from the EIA showed oil inventories rose 4.2 million barrels in the week ended Feb. 24. Federal Reserve Chairman Ben Bernanke fueled strength in the dollar, and as upbeat U.S. economic data. In testimony prepared for the House Financial Services Committee, Bernanke said that recent improvement in employment has put the Fed on alert and that it’s watching incoming data closely. Bernanke stopped short of saying the improvement in the jobless rate meant a better economy ahead.
Crude Oil is trading for 107.01 opening this morning at 106.49 and climbing as high as 107.44
Originally posted here
