Crude oil prices have once again breached the physiological level of US$96/bbl. WTI oil prices are well poised to test further high of $98 as there seems to be a strong buying support around the current levels. Crude oil prices were supported by Bank of Japan plans for asset buying and strong investor confidence data from Germany that boosted the outlook for fuel demand. ECB’s positive outlook for the euro zone also raised hopes of global recovery in 2013 and pushed prices higher. The US dollar has strengthened in overnight trading, which is weighing on prices. Traders have also been booking profits ahead of inventory releases.Continue Reading...
January 23, 2013 6:59 (GMT) | By FX Empire Analyst - Barry Norman
No comments:
Post a Comment