Crude oil has been somewhat soft recently, though prices have stabilized in the last two weeks. Does that mean that the downward trend has changed? In fact, not likely.
The traders’ mood is not supportive for raw materials, including crude. The threat of
Eurozone remained in recession, meaning that prospects for oil demand continue to worsen. Europe’s troubles were overshadowed by the US theme this week, but that does not mean that they should be forgotten completely. In fact, the Greek theme will likely soon return to the forefront of newswires as the troika members argue among themselves if the indebted country should receive another portion of a bailout.
As for positive factors for crude oil, the clash between
The Organization of Petroleum Exporting Nations predicted in its Monthly Oil Market Report that world demand will rise from 89.44 million barrels per day in the third quarter of this year to 90.01 million in the fourth quarter. The forecast could have been bullish if not the fact that global supply (except OPEC production) is expected to grow even faster from 58.31 million barrels per day in Q3 2012 to 59.42 million in Q4.
Another piece of news that spooked investors was the
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