Crude Oil Forecast Dec. 16, 2011, Fundamental Analysis

Crude Oil Forecast Dec. 16, 2011, Fundamental Analysis
Crude Oil Forecast Dec. 16, 2011, Fundamental Analysis
Crude oil prices dropped on Thursday, as the Organization of Petroleum Exporting Energy (OPEC) decided on Wednesday to lift up its production ceiling, thus, crude oil prices dropped to trade around $95 levels, as the outlook for the euro area remains the weakest among its major rivals.

The outlook for crude oil prices remains generally to the downside, as persistent fears from the EU debt crisis and signs global growth is slowing are likely to keep crude oil prices under pressure, where traders will also continue to monitor the developments from the 17-bloc euro nation and the European leader’ latest moves to contain the debt crisis, where we expect volatility to persist through the sessions this week.

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