The USD strengthening has been pressing the prices on crude oil over the last few days.
The Euro-zone’s debt problem and the Fed Reserve’s recent report indicate a decline in the global economic development, which affects the demand for energy carriers. Yesterday’s preliminary reports showed the reduction of imports. The refineries are getting ready for the end of the year and trying first of all to exhaust their reserves in order to reduce the machinery taxes.
The OPEC members have recently agreed to hold another emergency meeting in case the prices exceed $90 per barrel as they can significantly restrain the pace of the global economic recovery and growth. In general, these factors press the crude oil prices.
In terms of tech analysis, the situation is negative. There are no aggressive purchases. The buyers cannot hold the levels.
Provided by the Department of Market Sentiment Analysis, Masterforex-V Academy
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