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Written by Jay Elliott-Purdy
Forex Analysis - 8th December 2014
Brent Oil technical analysis (chart)
The Oil price saga continues to drive Brent Crude Oil lower, again falling below $68 per barrel this morning. Oil trading hours begin at 1am GMT and the market reacted first thing today with a sell-off to the $68.00 support which held until London Open. The drop is due in part to the lack of OPEC intervention but also because of the USD strength. The USD Index chart (USX) shows an 8 year high this morning. The Non-Farm Payrolls effect on the oil price had been firstly negative but the price made a sharp recovery before drifting downwards as traders wrapped up their week’s positions.
United Kingdom & Euro Zone
Saturday 20th December 2014
|--:--||No Data Set for the United Kingdom or Euro Zone|
Written by easy-forex team
Weekly Outlook - 16th December 2014
Crude oil prices were on a free fall mode last week. Both Brent and WTI Crude Oil dipped to new lows on Friday triggered this time by forecasts for lowered oil consumption by the International Energy Agency (IEA).
Within its monthly report for December, the IEA estimated that global oil demand for 2015 will increase by 900,000 barrels per day to 93.3 million barrels per day, significantly less than its previous estimate for an increase in demand of 1.13 million barrels and reach a daily demand of 93.5 million barrels. The Agency based the trimming of its forecast on the increasingly hesitant global economic recovery, and many Oil investors now have concrete evidence to believe that there is more oil produced globally than it is needed as, based on the same report, several years of increasing oil prices gave confidence to drillers to develop new oil fields. The WTI Crude Oil price had another sharp weekly decrease by 12.9% and ended trading at $58.08 per barrel, whereas Brent Oil decreased on a weekly basis by 11.1% and ended trading at $62.15 per barrel.
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