Crude Oil Fundamental Analysis December 31, 2012, Forecast

Analysis and Recommendations:

Crude Oil continues to climb on positive eco data from the US as Pending Home Sales climbed along with Chicago PMI., both reporting well above expectations. Crude added 11 cents today to trade at 90.98.  Even as worries over the US ‘fiscal cliff’ weighed on, optimism over China’s economic growth revival plan lifted the sentiments. Also, comments from the Chinese central bank that it will use various tools to ensure steady credit growth to support economy too supported the prices. Crude oil traded mostly steady near the recent highs and are heading to post its biggest weekly gain since August on the NYMEX.

Crude oil inventory is expected to show a drawdown of 1.6M barrel which was last time 1.0M barrel so it can take prices further higher in later trading.

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.

Markets will have a shortened day on Monday December 31st and most are closed on Tuesday January 1, 2013. Our analysis will be published as markets close on Monday and there will be no analysis on Tuesday. I want to wish all of my readers a happy and healthy new year. I hope you continue reading our analysis next year.  

Economic Data December 28, 2012 actual v. forecast

 

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