Fundamental Oil Report (2009-09-24)

24 September 2009 @ 04:03 am EDT

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AnalysisOil prices plummeted heavily yesterday, as a result of the U.S. economy releasing its EIA report; showing that oil stockpiles unexpectedly climbed, this meant that demand in the world's biggest crude consumer was weak. Since there is weak demand in the U.S., it means that prices are going to dip further, as investors panicked and left oil markets. Once this began happening, funds flew out which resulted in lower oil prices. The contract shed $2.79 closing at $68.97, while recording a high of $71.81 per barrel and a low of $68.04 per barrel.

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