Crude Oil Fundamental Analysis July 4, 2013 Forecast

Analysis and Recommendations:

Crude Oil is trading at 101.48 easing a bit as traders sold off to book profits after oil gained close to $2.50 in the Asian session as political tensions in the gulf region stoke fear in speculators. President Morsi refused to budget an inch in a defiant speech late yesterday, he said that he was the legitimate democratic ruler and did not need the heed to military warning and would not be forced out by the people. His words were more of a dictator than a leader, never giving an inch that he would consider the peoples stance. Tensions continue to mount as Libya, Syria and now Egypt are facing protests and riots.

As the week progress sentiments across commodities are broadly positive favored by upbeat economic releases from the world’s largest economy. In the energy segment, WTI Crude futures surged above the critical psychological resistance of $100 a barrel, the highest level since last September and are currently trading at $101.5 a barrel as civil protest in Egypt peaked after Egyptian President rebuffed the military’s ultimatum to compromise with protesters. Unrest in Egypt has raised concerns that oil transported through the country will get disrupted. In early trade, higher bidding was triggered in the counter after a report from American Petroleum Institute that U. S. crude oil inventories fell sharply by 9 million barrels last week, which was above analyst expectation of 3 million.

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 July 3, 2013 actual v. forecast

 

Upcoming Economic Events that affect the CHF, EUR, GBP, CAD and USD

Government Bond Auction

Date Time Country 

Jul 04 00:00 Japan

Jul 04 08:30 Spain

Jul 04 08:50 France

Jul 04 11:00 Norway

Jul 05 15:30 Italy

 

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