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Crude oil changed a little today; below $69 a barrel ahead of the release of important U.S. data and weekly U.S. inventory reports. Oil prices are steady now, after falling for two days; however, it is expected to rise today, as stocks bounced and the green currency tumbled further.

The U.S. will release important economic data later on today, ahead of Bernanke's speech. World economies have been witnessing progress throughout the previous period, dragging oil prices to another high again. Global equities inclined, sending S&P 500 to its highest level in roughly 12 months; while the MSCI Asia Pacific Index mainly pared all last year's losses.

On the other hand, the U.S. dollar is now traded at its lowest in a year against the euro, as the optimistic outlook is enhancing demand on higher-yielding assets and riskier assets. The dollar index, which tracks the dollar's movements versus a basket of major currencies, is continuing its downside fall. The index fell more than 5.3% this year and it is now at 76.65, slightly changed from yesterday's closing.  The tumbling dollar may increase demand on oil as a hedge against inflation.

Moreover, the American Petroleum Institute (API); will release its weekly report later on today, ahead of the release of the EIA report tomorrow. Meanwhile, there are expectations that U.S. refineries may cut their production, after stockpiles had reached its highest in 26 years. Signs of global recovery is weighing on oil prices and may drag it above the 10-month high again; recorded at the end of August.

Now, oil is traded at $68.72 recording a high of $69.10 and a low of $68.57; whereas the contract yesterday shed $0.43 closing at $68.86, while recording a high of $69.51 per barrel and a low of $68.02 per barrel.