wrapper

Crude oil still in a downtrend

Tuesday, Jul 21 2015
Crude oil and Brent oil remain in the red as investors review global over supply, dwindling demand and higher production. There seems no way to use up all the oil in storage at present. With the World Bank and the IMF reducing growth estimates in 2016 the implied demand for energy products also lower.  
 
Crude oil drifted down 14 cents to trade at 50.31 but seems well supported by the $50 price line. Brent oil was able to gather a bit of momentum in the Asian session picking up 6 cents to 56.55 but trades well below its forecast trading range. 
 
Saudi Arabia’s domestic crude oil inventories jumped to a record in May, although the rise likely reflected the operational demands of a major new refinery rather than another sign of a global supply glut. An increasing supply of refined products, especially diesel fuel being offered by Saudi Arabia, helped push US ultra-low diesel futures to multi-month lows intraday, adding to bearish concerns about prices in the oil futures complex.
 
The return of Iranian oil “is adding bearish pressure as the market is trying to price in the crude expected to be introduced by the end of the year,” Mr Ang of Phillip Futures said. Iran and six world powers last week agreed a deal curbing Tehran’s nuclear program that aims to prevent it building an atomic bomb. In return, the West will lift crippling economic sanctions and allow Iran to ramp up crude exports.
More in this category: « British borrowing fell less than expected Australian CPI rose 0.7% in Q2 »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.