Crude Oil Fundamental Analysis for May 4, 2011

Crude Oil Fundamental Analysis for May 4, 2011 : Crude oil prices retreated on Tuesday amid the U.S. dollar’s strength, where crude oil prices declined to trade around the $112 level, as mixed sentiments dominated financial markets, crude oil prices might need to drop over the short term at least in a downside correction, and nevertheless, as the situation stands, we can’t expand our downside prediction over the medium term.

We should expect oil prices to continue with the overall upside direction, nevertheless, oil prices currently lack strong momentum to rise, and accordingly, we continue to expect somewhat volatile trading to prevail oil markets within the upcoming period.

Wednesday 12:15, the United States will release the ADP Employment Change report for the month of April, where the ADP employment is expected to show that U.S. private employers added 193,000 jobs in April, compared with the prior reported rise of 201,000 added jobs back in March, the ADP reports is important since it’s released two days ahead of the Non-farm payrolls.

Wednesday 14:00, the United States will release the ISM Non-Manufacturing (Services) index for the month of April, where the ISM Non-manufacturing index is expected to rise to 57.5 in April, compared with the prior estimate of 57.3 reported back in March, where the recovery in the services sector seems to be picking up some pace.

Wednesday, 14:30, The Department of Energy will release the weekly petroleum status for the week ending April 29, where the prior report showed that crude oil inventories increased by 6.2 million barrels, and Wednesday’s report is expected to show that crude oil inventories increased by 1.9 million barrels. Originally posted...

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