Tuesday, 26 March 2013

Crude Oil news

Crude Oil: Today morning, oil prices are trading at $94.7/bbl (-0.07%) in international market. This might be a technical correction on oil prices driven by Euro-zone economic concern related to Cyprus bailout. Most of the Asian equities and other asset classes are trading down on fear that the bank restructuring plan to be employed in Cyprus could be used in other European nations which will lead to lower liquidity. As we proceed for the day, we expect oil prices to recover from its marginal loss and trade on higher side with an eye on BRIC summit starting from today. The group of leading emerging markets (Brazil, Russia, India, China and South Africa) is expected to establish a development bank that will aim at reforming the existing political and economic world order. Secondly, Bank of Japan have kept the long term bond buying options with 2% inflation target to be achieve in two years. Thus, speculation of easing from Japan may continue to support oil to take positive cues. There are no major economic releases scheduled from Euro-zone today. So, concern related to Cyprus bailout may limit gains in oil prices during European hours. From the US, economic releases in the form of durable goods orders, manufacturing index and new home sales may show a sign of positive growth in economy. This may support oil prices to trade on a positive trend during the US hours. Technically, we suggest remaining on buying side for the day

1 comment:

  1. I got to learn important updates on crude oil here. There are many factors global as well as domestic which are responsible behind price fluctuations on different commodities. For best market trading tips contact epic research.

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