Oil Market Forecast & Review 18th January 2013
Increasing
demand for higher risk assets along with the unexpected drop in the
past week’s U.S. crude oil inventories helped March crude oil spike
higher into a Fibonacci price level. New support is now firmly
entrenched at a key 50% price level.Also contributing to the strength
was the news that OPEC left its 2013 global oil demand estimate
unchanged while confirming a significant production cut by Saudi Arabia
last month. Many traders had been convinced that demand would be lowered
due to the possibility of a global recession. Based…Read more...http://oilprice.com/Finance/the-Markets/Oil-Market-Forecast-Review-18th-January-2013.html
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