Fundamental Oil Report (2009-11-16)

16 November 2009 @ 10:22 am EDT

News
Previous
Forecast
AnalysisFriday, oil prices declined as the U.S. economy, the biggest oil consumer released its consumer confidence showing that it declined worse than market expectations and this negatively impacted oil prices. As investors saw that confidence dipped, right away began to leave oil markets as they remain worried about the outlook which weighed on oil prices as funds flew out of the markets. The contract shed $0.59 closing at $76.35 while recording a high of $77.67 per barrel and a low of $75.57 per barrel. 

For more forex information, go to www.ecpulse.com