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Markets

Fundamental Oil Report (2010-10-05)

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Analysis Crude prices rose today on one hand on a current weakened dollar as the green Benjamin refuge got corroded by cheerful data posted out today on the U.S soil and on speculation that central banks will keep on supporting global economic growth, knowing that the Bank of Japan for instance pledged asset purchases, which of course boosted the appeal of a more cheaper dollar-priced black gold in the eyes of international traders. Plus todays optimistic was regarding the top oil consumer country services activities with the ISM Non-Manufacturing Composite for the month September showing actually a cheerful unexpected incline to come in at 53.2 from a prior reading of 51.5, having in mind that this is an index that shows the services sector conditions and performance across the United States, forecasting therefore higher production levels and accordingly a higher demand on energy within this coming period. Furthermore the Organization of the Petroleum Exporting Countries stated that the median price of its OPEC Basket; which includes 12 crudes, inclined on Monday reaching $79.95 a barrel compared with $79.52 on Friday. As a result hopes are spread throughout the black gold despite regarding an enhanced U.S demand to actually watch the crude prices trading so far at $82.47 a barrel recording a high of $82.72 per and a low of $81.18, plus the S&P GSCI gained by 6.97 points to 554.82. For today's range and technical points click here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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