• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 1 min Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 mins The EU Loses The Principles On Which It Was Built
  • 4 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 18 hours California Solar Mandate Based on False Facts
  • 5 mins Crude Price going to $62.50
  • 9 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 4 hours Why hydrogen economics is does not work
  • 8 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 17 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 8 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 10 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 10 mins < sigh > $90 Oil Is A Very Real Possibility
  • 19 hours Merkel, Putin to discuss Syria, Ukraine, Nord Stream 2
Alt Text

Brazil Reports Record Oil Exports

Brazil’s crude oil exports hit…

Alt Text

Why Saudi Arabia Cut July Oil Production

Saudi Arabia’s oil production in…

Alt Text

Oil Prices Fall After EIA Confirms Crude Inventory Build

Oil prices extended their losses…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 28th June 2013

August crude oil futures bucked the trend in many commodities to post a strong close for the week.  The market was buoyed by signs of an improving economy and comments from a Fed official.

The week started with the market under pressure because of comments last week from Federal Reserve Chairman Ben Bernanke. In his post-Fed policy statement news conference, the Chairman basically said that the Fed would begin tapering its aggressive $85 billion monthly stimulus program when the evidence shows an improving economy. The market read his statement as the Fed will begin winding down the stimulus by the end of the year, but maybe as early as September.

His statement sent interest rates higher. Consequently, Treasury instruments fell along with stocks and commodities. August crude oil futures dropped from $99.21 on June 19 to $92.67 by June 24. At this point, crude oil investors thought the market had dropped enough and mounted a strong rebound, taking the market back to $97.41 by Thursday, June 27.

Also pressuring crude oil early in the week were concerns about the Chinese credit markets. At the start of the week, the market was reacting as if the Chinese markets were moving toward a full-blown credit crisis. About mid-week, however, crude oil began to stabilize after a People’s Bank of China official reassured traders by stating that the central bank was moving toward establishing more “reasonable rates”.

Stronger than expected…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News