TRADEFORT : US Data may lead to Losses for Oil Today

Crude Oil – US Data may lead to Losses for Oil Today

Concerns regarding the upcoming US “fiscal cliff” of tax increases and spending cuts, set to take place at the beginning of the year if budget negotiations remain deadlocked, caused the price of crude oil to fall some $0.65 a barrel during mid-day trading yesterday. That being said, positive US GDP, housing and manufacturing data later in the day helped the commodity recoup most of its losses. By the beginning of the US session, oil was trading at $89.85.

As markets get ready to close for the weekend, oil traders will want to pay attention to a batch of US news set to be released at 13:30 GMT. Any better than expected results could lead to speculations that demand in the world’s largest oil consuming country will go up, which could help oil extend its gains during afternoon trading.

Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id