Bullish factors for crude oil prices yesterday included
(1) the drop in the dollar index to a 1-1/2 week low,
(2) the sharp rally in US and European stock markets,
(3) the announcement by the Chinese of their second stimulus package in the last two weeks, potentially increasing energy demand, and
(4) comments from oil ministers from Iran and Venezuela that OPEC must cut production again after last month's cut failed to buoy prices.
Bearish factors for crude oil prices yesterday included continuing weak global economic data with
(1) the weaker-than-expected US existing home sales for Oct, and
(2) the larger-than-expected fall in the Nov German IFO business sentiment to a 15-3/4 year low .
Subscribe To Commoditytalk !
Posts
Comments
