Oil Fundamental Forecast – June 29, 2016

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Updated: Jun 28, 2016, 10:56 UTC

Crude Oil gained 87 cents reversing yesterday’s declines as speculators played games in the market trying to push prices up to dump. WTI is trading at

Oil Fundamental Forecast – June 29, 2016

Crude Oil gained 87 cents reversing yesterday’s declines as speculators played games in the market trying to push prices up to dump. WTI is trading at 47.60 while Brent Oil added 82 points Brent oil is trading at 49.13. Both crude benchmarks slumped a day before, adding to sharp losses from Friday when investors realized that Britain voted to leave the European Union.

That sparked uncertainty and panic on global markets, as it marks the first time any member state decided to drop out of the bloc.

Economists are now trying to estimate economic consequences for the UK and the global economy, sparking worries that demand for crude oil may weaken in the coming months. However, analysts say the slowdown will be minor.

Even if UK economic growth suffered a 2% drop due to Brexit, the country’s oil demand would likely be reduced by only 1%, or 16,000 barrels per day, analysts at Goldman Sachs said.

Appetite for the commodity grew on Tuesday as the US dollar paused from its recent rally, and was down about 0.5%. A weaker greenback makes dollar-priced oil cheaper in other currencies and so more attractive.

News that about 750 Norwegian workers on seven oil and gas fields could strike starting Saturday helped to boost the overall mood as well, as the commodity usually grow amid fears over supply disruptions. Workers in Norway are trying to agree on a new wage deal, with the deadline set for Friday.

FxEmpire provides in-depth analysis for each asset we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole.

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Wednesday, June 29, 2016

Country	Name	Volatility	Previous
Japan	Large Retailer’s Sales	2	-0.8
Japan	Retail Trade (YoY)	2	-0.8
Japan	Retail Trade (MoM)	2	0
Australia	HIA New Home Sales (MoM)	2	-4.7
Germany	Consumer Confidence Survey	2	9.8
U.K.	Financial Stability Report	2
U.K.	Consumer Credit	2	1.287
U.K.	Mortgage Approvals	2	66.25
Eurozone	Economic Sentiment Indicator	2	104.7
Eurozone	Business Climate	2	0.26
Eurozone	Industrial Confidence	2	-3.6
Eurozone	Consumer Confidence	2
Eurozone	Services Sentiment	2	11.3
U.S.	Personal Consumption Expenditures – Price Index (YoY)	2	1.1
U.S.	Core Personal Consumption Expenditure – Price Index (MoM)	2	0.2
U.S.	Personal Consumption Expenditures – Price Index (MoM)	2	0.3
U.S.	Personal Income (MoM)	2	0.4
U.S.	Personal Spending	2	1
U.S.	Core Personal Consumption Expenditure – Price Index (YoY)	2	1.6
U.S.	Pending Home Sales (MoM)	2	5.1
U.S.	Pending Home Sales (YoY)	2	4.6