Fundamental Oil Report (2009-11-18)

18 November 2009 @ 04:01 am EDT

NewsEIA Report
Previous1.8 million barrels
Forecast0.8 million barrels
AnalysisAs the dollar extended its gains in the markets versus major currencies, as a result of worries aroused again after industrial production dipped in the U.S. economy, had investors seeking lower yielding assets which therefore supported the dollar. Although we are seeing a strong dollar weigh on oil prices since commodities are priced in dollars, we saw that oil prices still rose led from mixed economic data regarding oil demand. The contract gained $0.24 closing at $79.14 while recording a high of $79.73 per barrel and a low of $78.14 per barrel. 

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