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Oil Forecast: Fears of Slowing Global Growth to Limit Further Gains

From dailyfx.com

Crude oil prices came under pressure this past week in response to the return of market angst over slowing global growth and surprise US inventory buildup of approximately 1 million barrels according to data released by the EIA. WTI Crude started the week slightly above $55.00/bbl but ended the period roughly 4.5 percent lower at $52.50/bbl as investors evaluated the balance between shrinking oil supply and demand. In addition to supply and demand factors, a strong US Dollar which climbed in excess of 1 percent likely contributed to the downside in crude over the last 5 days of trading given the currency is the ... (full story)

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  • Category: Fundamental Analysis