Weekly Review & Outlook Crude Oil: Speculation PICU Hope Recovery Crude Oil Demand.


Sunday, 02 Agustus 2009 20.25 WIB

Crude oil prices on the NYMEX futures trading this week (July 26-August 1) are generally observed to show an increase from the previous trading week. Trade NYMEX crude oil futures after the range opened at 67.75 U.S. $ / bbl in the first week of trading, has increased by about 1.65 U.S. $ / bbl or about 2:43%, and closed at the range 69.4US $ / bbl.

Crude oil prices increased rapidly after the release of the GDP of the United States that experienced downsizing, but not as much than expected. This increased speculation that the U.S. has been out of the crisis, resulting in expectations of increased demand for crude oil.

United States Commerce Department said that GDP fell 1.0% (-1.0%) is reviewed annually during the period April to June. Previously estimated the U.S. economy will experience a contraction of 1.5% (-1.5%).

Research from analyst Vibiz Vibiz Consulting suggested as for the trade in the coming week (August 3 to 8), normal range weekly crude oil trade is expected to have a level of support in the range of 64.81 and resistance level at 71.84 range.