Falling Oil Prices: In The Next Few Days Probably No Turnaround In Sight

Heating oil is likely to be favourable despite the weak euro LEIPZIG. (Ceto) The economic recovery in many parts of the world is uncertain, not least documents the development of stock markets: both the German DAX and the Nikkei index in Japan recently recorded losses. That impacted the confidence of investors in crude oil; the quotes showed more yielding in today’s early trading. Opposite yesterday morning slid the barrel price to almost $2. US light oil of Brent buck now around 72,30; North Sea oil brand Brent knapp 73 dollars. As a whole the economy stand on wobbly legs, analysts report. Therefore, investors reacted currently particularly sensitive to bad news. The service futures-services”according to expect no change in the trend of weekly U.S.

inventory data. It is also expected with a further declining refinery utilization. Also from chart-technical point of view, the trend is going down. Due to lack of upside potential, the 72-dollar mark could be less than today. That fits in with the projections Commerzbank commodity experts who see the price of crude oil even more this year at only $70. For the German oil consumers, however, the costs are likely to move despite the weak euro today once more down. That reported the online portal of the journal fuel level and oil review on its website.