Crude Oil Falls Below $60 After Short Rally
This week, Russian President Vladimir Putin assured markets that the Russian economy could withstand the drop in prices despite the ruble’s recent fall.
Oil
The Battle Lines For Oil Have Been Drawn
Last week was an interesting one for oil traders, with the rally of Monday promising much, only for this move to be snuffed out during the remainder of the week, as the WTI Light Sweet Crude (USO, quote) contract for January closed close to the open at $65.84 per barrel.
A Tale Of Two Commodities
To say the last few days have been a roller coaster ride for commodities would be an understatement, with both oil and gold providing some sensational trading opportunities, but for very different reasons. For gold, it was the Swiss referendum over the weekend, and for oil, it was the OPEC meeting in Vienna.
Brent Continues To Tumble As Economic Data Fails To Support Global Recovery
Brent crude oil (BNO, quote) dipped below $70 on to start the week as the commodity continued to free-fall following OPEC’s decision not to implement a cut. The commodity traded at $68.60 at 8:30 GMT on Monday morning as investors looked to economic data for any indication that the global economy could pick up.
Brent Lower As OPEC Division Continues
Worries about the division between OPEC members remained a major driver of oil prices on Wednesday and drove Brent crude oil (BNO, quote) lower. The commodity traded at $78.73 at 8:45 GMT as investors kept an eye on the cartel’s debate over whether or not to cut supplies at next week’s meeting.
Brent Falls Lower On Japan Data
Brent crude (BNO, quote) oil began the week on a low note after GDP data helped confirm suspicions of a global slowdown. The commodity traded at $78.19 at 8:15 GMT, following surprising reports that Japan had fallen into a recession.
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Even Oil Inventories Fail To Put The Brakes On
For oil traders and speculators hitting the sell button has become almost automatic, as the heavily bearish tone for the commodity shows no signs of abating just yet, with another solid move lower yesterday offering low risk trading opportunities once again.
Over Supply of Oil Continues to Drive Prices Lower
It was a day of muted trading for oil yesterday, with both the US and Canada observing a public holiday in honor of their war veterans, and as a result the Wednesday oil inventories report is now scheduled for Thursday.
Brent Prices Lower After Goldman Sachs Trims Forecast
Brent crude oil (BNO, quote) lost momentum on Monday morning after reports that Goldman Sachs had trimmed its forecasts for crude oil prices.