According to Bloomberg, the demand for Commodity Crude Oil in this year will rise highly due to a debt crisis in Greece; also this will affect other European nations with slow growth.
Saudi Arabia’s Ali al-Naimi said that Crude Future demand will be very good and it is going to go up in this year. In China, India and the Middle East, the use of Crude Futures will increase and rise.
In Europe, the economic recovery will slow down due to debt crisis, and also for the demand in fuel. And this is the time that Commodity Crude Oil reached a 12-week low on May 7.
In this week today, according to Bloomberg, Crude Oil rose; and it reached $77.50 a barrel at 10:50 a.m. in Dubai.
For Greek Optimism, Kehlil said that they will get through its crisis soon by receiving the help from the European Union.
For Crude Futures, They dropped to $74.51 on May 7; this would be the weakest intra-day price since Feb. 16. And this seems to be a good sign for the fluctuations that have sent volatility to its highest in almost 2 months...
Source: Bloomberg.com
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As an crude oil market trader, you must become familiar with the daily global supply and demand situation as global geopolitical breaking news has a signifcant impact on the daily prices of oil.
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