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Thread: The oil price

  1. #1
    Legendry Member milos's Avatar

    The oil price !!!

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    Oil price fell below $95 per barrel after the latest data pointed to slower economic recovery in the USA. American “easy” oil delivery in May was down on the mercantile exchange in New York for 26 cents to $94.90 per barrel after yesterday rose 86 cents and closed ad $95.16.At the same time on the London Stock Exchange barrel of North Sea oil type “Brent” cheaper by 28 cents to $103.50 .OPEC’s forecasts growth of the it’s exporter delivery this month to answer the demand of Asian refineries. Number of people who applied for unemployment assistance in the USA rose a week by 32000 to seasonally adjusted 360000, the highest level in the past six weeks.accordint to the US Department of Labor. Factory activities in USA has also declined.Monetary incentives down the value of the dollar which in turn affects the growth of instrument denominated in dollars which is included the oil. The bleak data followed after reports that the recession in the euro zone in the first quarter in 2013,the sixth consecutive quarter ,registered slowdown.

  2. #2
    Legendry Member Michael Hodges's Avatar
    Yesterday's data is on unemployment is not too shocking, as long as the overall trend in unemployment remains down and employment remains up we are ok. The oil markets are hoping for a world growth spurt that may be in the works. Oil will have to break above $97.50 and $98 to expect too much more upside.

  3. #3
    Legendry Member milos's Avatar
    Crude oil prices after the slight drop in growth is now approaching the climbing price of $96 per barrel.

  4. #4
    Veteran Member Ammeo's Avatar
    Best would be to go Put for a 2-week to 1 month expiry after many of the Big market commentators and Banks having more bearish sentiment on Crude...
    For those who like Technicals, it could fall off the 97 resistance level...

    My Communitraders trade for the Crude ETF, i'll put some updates to it in the coming week...

    http://forums.binaryoptionsthatsuck....=6766#post6766
    Last edited by Ammeo; 05-19-2013 at 11:32 AM.

  5. #5
    Veteran Member Ammeo's Avatar
    There is news from Africa that may further support the bearish outlook on all Crude products..

    http://businessnews.com.ng/2013/05/1...ft-is-reducing

  6. #6
    Legendry Member milos's Avatar
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    Crude oil fell 0.33% during Asian trading. Good economic data in USA rose in the price oil in America in the worlds the largest consumer. Saudi Arabia is the largest produces oil in OPEC produced 9.316 million barrels a date in March than 14000 barrels less than February. Crude oil price continued to recover in spite of poor economic data released in USA as investors believe the Federal Reserve will continue with the program of monetary incentives. Monetary incentives declined the value of the dollar which in turn the growth of instrument denominated in dollars. OPEC forecasts growth it’s export during this month to answer the demand of Asian refineries.

  7. #7
    Legendry Member milos's Avatar
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    Crude oil price fell during the Asian trading session and the time continued to fall yesterday.Concern that the slow growth of the global economy could affect the reduction in demand went up after yesterday declined OECD forecasts growth of global economy.Yesterday's reports to the U.S. Agency for oil slowed an expected increase in inventories in the U.S.Investor are waiting the attention of today's report government report.According to him,there would be a stock of 0.35 millions barrels.Oil price fell 0.56%. Crude Oil Inventories measures weekly change in the numbers of barrels of commercial crude oil which is held by US companies.The level of inventories influences the price of petroleum products which can have an impact on inflation.

  8. #8
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by milos View Post
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    Crude oil price fell during the Asian trading session and the time continued to fall yesterday.Concern that the slow growth of the global economy could affect the reduction in demand went up after yesterday declined OECD forecasts growth of global economy.Yesterday's reports to the U.S. Agency for oil slowed an expected increase in inventories in the U.S.Investor are waiting the attention of today's report government report.According to him,there would be a stock of 0.35 millions barrels.Oil price fell 0.56%. Crude Oil Inventories measures weekly change in the numbers of barrels of commercial crude oil which is held by US companies.The level of inventories influences the price of petroleum products which can have an impact on inflation.
    Oil prices climbed today intothe close of the U.S. session. inventory data was seen as bullish going into the summer driving season.

  9. #9
    Veteran Member Dan21's Avatar
    Really a little surprise here with this fast momentum in crude oil. Do you think guys it will continue for the next week, i.e. do you think it is formation of a new bullish trend or still not such thing?

  10. #10
    Senior Member LeeChang's Avatar
    Quote Originally Posted by Dan21 View Post
    Really a little surprise here with this fast momentum in crude oil. Do you think guys it will continue for the next week, i.e. do you think it is formation of a new bullish trend or still not such thing?
    No, I don’t think so. The spike yesterday was a short lived one with little impact on the crude oil trading. The price is down today almost to the level it started yesterday. So for now there is no bullish signs to be traded with great probability. I think the downside potential is much bigger for now and it is not appropriate any attempt to trade spikes higher.

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