Friday, 4 October 2013

Fundamental Outlook of Crude Oil

Crude oil dropped on Thursday, recoiling after posting their largest gain in two weeks a day earlier, as worries about the impact of the continuing U.S. government shutdown on demand from the world's largest oil consumer undermined prices.


Crude oil is trading marginally lower on NYMEX today. We expect prices to remain range bound with a negative bias for the day as the U.S. government shutdown continued and concerns about demand from the world's largest oil consumer outweighed news of production shutdowns in the U.S. Gulf of Mexico due to a tropical storm.


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