By FXEmpire.com

Analysis and Recommendations:

Crude Oil is trading at 97.00 even as the markets close on Thursday. Today’s trading continues on risk aversion and on negative eco data.

Inventories of crude oil show a glut in the world markets not just the US. US inventory reports showed that supplies continues to grow, exceeding the 5 year average and over the high for this time of the year.

OPEC continues to pump record amounts of oil to offset the Iranian oil embargo, while Libya has begun producing more now than pre- uprising. Iraq has increased their supply distribution allowing for more production.

Global demand continues to drop with China reporting disappointing numbers today. Compound this with ongoing recessions throughout Europe, reduced growth forecasts and the US in a spring stall, demand is falling as supplies continue to rise.

Oil should remain in the 96-98 price range for the near term.

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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