Crude Oil Fundamental Analysis February 13, 2012, Forecast

Economic Events: (GMT)

WEEKLY

 
 

Analysis and Recommendations:

Crude Oil is currently trading 98.56 a barrel down 1.29. Today the International Energy Agency cut its outlook for global demand. With Europe falling into a recession and dragging its neighbors with it, use of crude will drop in the EU but also for exports and manufacturers around the globe.

Current GDP growth is now forecast at 3.3% down from the 4% the level used for the previous forecast in September. The US Department of Energy forecast just the opposite, citing an increase of 50,000 barrels per day.

Oil has been staying in pretty close range above 97.00 and below 100’s except in response to rumor and rhetoric.

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