By FXEmpire.com

Analysis and Recommendations:

Crude Oil followed the pattern set by the market, most USD denominated commodities climbed in early trading as the Dollar Index fell, but by late afternoon the DI had strengthen and moved higher than the opening pushing down currencies and commodities. Crude oil was able to hold on to a small gain, on a light volume session. Crude is trading at 91.44 up 0.58. With the US markets on holiday and some European markets closed today, volume is light, news flow is light and there is virtually no eco data.

Markets are expected to remain quiet until Tuesday.Although, China is set to ramp up stimulus spending to help stabilize the economy, with a program of interest-rate cuts and infrastructure-related spending being planned, according to analysts, who caution the program won’t be big enough to bring about a rapid

turnaround in the slowing mainland economy.

If successful, markets can expect to see more growth from China and increased energy demands.

Until that happens growth continues to spiral downward and is reducing the demand for oil; coupled with reduced geopolitical tensions, crude is expected to hold at this price for the near term.

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)

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Previous

May 29

All Day

EUR

German Prelim CPI m/m

0.2%

10:00

GBP

CBI Realized Sales

-6

13:00

USD

S&P/CS Composite-20 HPI y/y

-3.5%

14:00

USD

CB Consumer Confidence

69.2

May 30

7:00

CHF

KOF Economic Barometer

0.40

8:00

EUR

M3 Money Supply y/y

3.2%

8:30

GBP

Net Lending to Individuals m/m

1.4B

14:00

USD

Pending Home Sales m/m

4.1%

23:01

GBP

GfK Consumer Confidence

-31

Click here for further Crude Oil Forecast.

Originally posted here