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Crude & Brent Oil Fundamental Analysis – August 24, 2015 – Forecast

By:
Barry Norman
Updated: Aug 21, 2015, 13:22 UTC

Analysis and Recommendations: Crude Oil fell 35 points to 40.97 and could possibly break below the 40 level. Even the weak US dollar was not able to help

Crude & Brent Oil Fundamental Analysis – August 24, 2015 – Forecast

Crude & Brent Oil Fundamental Analysis – August 24, 2015 - Forecast
Crude & Brent Oil Fundamental Analysis – August 24, 2015 - Forecast
Analysis and Recommendations:

Crude Oil fell 35 points to 40.97 and could possibly break below the 40 level. Even the weak US dollar was not able to help the commodity after Chinese PMI missed expectations lowering implied demand for the black gold. Brent Oil tumbled 57 cents to 46.05 as OPEC continued to pump record amounts of oil. crude oil prices fell to almost $40 a barrel on Thursday, their lowest since the global financial crisis of 2009, as supplies rose in North America and the Middle East, filling stockpiles to record levels.

Oil has lost a third of its value since June on high U.S. production, record crude pumping in the Middle East and concern about falling demand in Asian economies.

U.S. crude inventories rose 2.6 million barrels last week to 456.21 million barrels, the government’s Energy Information Administration said. Markets had been expecting a stock draw and the news pushed WTI down more than 4 percent on Wednesday.

Stockpiles rose partly because a U.S. refinery closed for repairs last week, but also because imports rose to their highest level since April.

Canada increased exports to the United States by more than 400,000 barrels per day (bpd) over the past week to 3.39 million bpd, an Energy Aspects research note said.

FxEmpire provides in-depth analysis for each currency and commodity 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.

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Today’s economic releases:

Cur.

 

Event

Actual

Forecast

Previous

 

  CNY

 

Caixin Manufacturing PMI (Aug) 

47.1

47.7

47.8

 

 

  EUR

 

GfK German Consumer Climate (Sep)

9.9

10.1

10.1

 

 

  EUR

 

German Manufacturing PMI (Aug)  

53.2

51.7

51.8

 

 

  EUR

 

German Services PMI (Aug)  

53.6

53.9

53.8

 

 

  EUR

 

Manufacturing PMI (Aug)  

52.4

52.2

52.4

 

 

  EUR

 

Markit Composite PMI (Aug)  

54.1

53.8

53.9

 

 

  EUR

 

Services PMI (Aug)  

54.3

54.0

54.0

   

brent oil
 
crude oil

Upcoming Economic Events that you should be monitoring:

Monday, August 24, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  EUR

 

German Manufacturing PMI (Aug)

 

 

 

 

 

  EUR

 

German Services PMI (Aug)

 

 

 

 

 

  EUR

 

Manufacturing PMI (Aug)

 

 

 

 

 

  EUR

 

Markit Composite PMI (Aug)

 

 

 

 

 

  EUR

 

Services PMI (Aug)

         

 

 

 

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