The oil markets keep monitoring the economic situation in the USA. On Monday the US manufacturing sector showed a decline. The market is still concerned about how gasoline prices ($4 per gallon) will affect the demand. The US Dollar is trying to rebound from the 3-day low while the high-yielding currencies like the Australian Dollar are in demand. The high prices have a negative impact on the US demand.
The latest statistic data from the USA have changed investors’ sentiments. The Institute for Supply Management (ISM) announced a decline in the production index form 61,2 down to 60,4pts, which turned out to be worse than expected.
The US crude oil stocks grew last week by 1.9M barrels as the import exceeded the refineries’ demand once again.
According to the Department of Commodity Trading, Masterforex-V Academy, the elimination of Osama Bin Laden cannot have a significant impact on the global economy. The current slight decline in the market of crude oil is unlikely to be the beginning of a new tendency. Probably this is the result of the euphoria connected with Ben laden’s death. For comparison sake, the succession of events in Libya has had a more significant impact on the market.
Bin Laden’s death is obviously a positive event for those who are against terrorism. However, we should understand that it is impossible to eliminate the entire evil. So the threat still exists. Moreover, the situation in the Arab World is still unstable.
The fundamental factors are still supporting crude oil prices. The demand is high while numerous economies around the world start showing significant recovery. The world (especially the developing part of it) needs recourses. Yet there is still no alternative that could replace crude oil, so the prices will remain high. At the moment the most probable scenario implies a movement within the price range of $105-115/b. Source www.profi-forex.us...
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TAg : economic situation in the USA, situation in the Arab saudi, crude oil impact on the US demand, events in Libya For the latest updates PRESS CTR + D or visit Stock Market news Today
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