NicholasTeo3.15CRUDE HAS led commodities stronger over the last couple of months, rebounding around 30% off a low in March of around US$42.5.

Whilst a firm bottom looks like it has been established here, further upside from here may look limited.

So far, this commodity has been led firmer by news and pulses coming from the supply side of the equation which determines the market price.

Bears there have been continually forced to cut their short positions around reports of production cuts, lower rig counts and geopolitical worries in the Middle-East.

For oil to achieve a 'next leg-up', we need to see evidence coming from the demand side of the story.

In particular, we would like to see growth indicators suggesting a recovery in demand from various regions of the world's major economies. However, data from China, Japan and the US released in recent weeks continue to hint at an uninspiring economic environment.

Against this backdrop, it will take quite a bit of catalyst for crude to break and push through the Fibonacci US$58.5 on the upside. 

You may also be interested in:


You have no rights to post comments

Counter NameLastChange
AEM Holdings2.380-0.050
Best World2.480-0.010
Boustead Singapore0.945-
Broadway Ind0.133-0.001
China Aviation Oil (S)0.915-0.010
China Sunsine0.400-0.005
ComfortDelGro1.460-0.010
Delfi Limited0.910-0.005
Food Empire1.320-0.010
Fortress Minerals0.310-0.010
Geo Energy Res0.3200.005
Hong Leong Finance2.480-0.010
Hongkong Land (USD)2.870-0.080
InnoTek0.500-0.020
ISDN Holdings0.295-0.005
ISOTeam0.039-0.001
IX Biopharma0.043-0.003
KSH Holdings0.250-
Leader Env0.048-0.001
Ley Choon0.042-0.002
Marco Polo Marine0.068-
Mermaid Maritime0.143-0.002
Nordic Group0.315-
Oxley Holdings0.088-0.001
REX International0.142-0.003
Riverstone0.780-0.025
Southern Alliance Mining0.475-0.010
Straco Corp.0.485-0.010
Sunpower Group0.210-0.005
The Trendlines0.074-
Totm Technologies0.021-0.003
Uni-Asia Group0.810-0.020
Wilmar Intl3.380-0.110
Yangzijiang Shipbldg1.8100.030
 

We have 2483 guests and no members online

rss_2 NextInsight - Latest News