Gold price extends strength in European morning and rises to as high as 1023.3 amid renewed inflation expectations. Rally in stock markets driven by better-than-expected economic data drag the dollar lower. This…
Tag: oil market
Crude Oil Rebounded Amid Strong US Eco Data
Crude oil price rebounded strongly Tuesday as OPEC raised oil demand forecasts for 2009 and 2010, US economic data beat market expectations as well as Fed Chairman Ben Bernanke said that US…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) At this point, intraday bias in crude oil remains on the downside with 69.81 minor resistance intact. Fall from 75.0 is still expected to extend to 00% projection…
Gold’s Outlook Mixed in Near-term But may Rise to 1100 in 6 Months
Gold price continues hovering around 1000 in European morning but with a soft tone. Near-term outlook is mixed but the dollar remains a crucial determinant. USD recovers against the euro (currently trading…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s corrective rebound from 67.05 should have completed at 72.9 already. Intraday bias remains mildly on the downside for 67.05 support first. Break will confirm that whole…
Crude Oil Weekly Technical Outlook
Nymex Crude Oil (CL) Crude oil’s recovery was limited at 72.90 last week and reversed to fall sharply on Friday. Break of 68.96 minor support indicates that such recovery is merely a…
Weekly Fundamental Outlook for Energies and Metals – Consolidation in Crude Oil will Continue in Coming Months
Commodity prices rose modestly last week amid weakness in USD. Reuters/Jefferies CRB Index added +1.4% while USD Index plunged almost -2% to 76.6, the lowest close in a year. Commodities normally trade…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil is still consolidating in tight range and with 4 hours MACD staying below signal line, intraday bias remains neutral for the moment. But after all, further…
Weakness in Dollar Spurred Demand for Commodities
Although the US inventory report triggered selloff in crude oil price to as low as 70.86, decline in USD boosted demand for commodities again in afternoon session. The WTI October contract added…
Crude Remains Supported as IEA Raised Demand Forecasts
Crude oil price remains strong in European morning. The International Energy Agency (IEA) raised its forecast on oil demand, as indicated in the September report. The October contract hovers around 72 as…