Fundamental Scenario
Oil fell more than 6 % to its lowest level
in 4 years in response to a weak economic data deeper decline in
global demand.The number of US workers on joblesss
rolls hit a 26 year high last month while another report
showed US factory orders fell sharply for the third month
in a row . Factory orders in October plunged in 5.1 %
the biggest drop since July 2000 and the number of US
workers on jobless benefit roll was the highest since
December 1982.
US light crude fell $ 3.12 % to settle at $ 43.67 , the lowest
since jan 5 2005.
OUTLOOK
Crude may continue to fall with weak economic data and
global financial crisis.
The oil might pose a bearish trend till the OPEC body meets
to decide the supply cuts fearing a defaltion in the price
level.
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