Crude Oil Fundamental Analysis December 27, 2012, Forecast

Analysis and Recommendations:

Crude Oil climbed today as the US dollar dipped. Crude broke above 90 dollars to trade at 90.83 as positive sentiment flooded the markets on news that US lawmakers would resume negotiations tomorrow to resolve the US Fiscal Cliff. Overall activity in commodity markets was thin as most global financial markets are closed today on account of Boxing day holiday, except the US and Japan.  Japanese yen sank to a 20 month low against the US dollar after the newly elected Japan’s Prime Minister Shinzo Abe hinted some aggressive monetary easing with a view to weaken its currency. Bullion weakened slightly owing to relatively quiet trading session, as investors stayed sideline on indecision over the fiscal cliff in the U.S. News that lawmakers would take up negotiations tomorrow and word that President Obama was returning to Washington buoyed sentiment and sent the US dollar tumbling, which helped crude oil rebound.

Many european markets were closed for Boxing Day, so trading was light and the only news on the agenda were region data reports of lower level significance.

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.

Economic Data December 26, 2012 actual v. forecast

Markets were closed on Christmas day and there were no economic releases or major data reports.

 

WEEKLY

• This Week in Petroleum
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• Gasoline and Diesel Fuel Update
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• Weekly Petroleum Status Report
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Upcoming Economic Events that affect the CHF, EUR, GBP, CAD and USD

Government Bond Auction

Date Time Country 

Dec 27 10:10 Italy  

Dec 28 10:10 Italy