Crude Oil Daily Fundamental Analysis for June 28, 2011

By CommoditiesMansion.com

Crude oil prices continued to fall on Monday, as investors were still concerned about the outlook for global growth, as the U.S. Income report showed that the personal income and spending declined in May below the expectations, in addition to fears from the European debt crisis that boosted demand for lower yielding assets including the U.S. dollar, despite news on Friday that signaled Greece agreed an austerity plan with the IMF and EU, which is needed to receive further aid.

We advise traders to remain cautious amid the huge uncertainty surrounding the outlook for growth and the debt crisis, since confidence in markets remains rather fragile and rising pessimism in markets should keep crude oil prices under pressure over the coming period.

Tuesday June 28:

The United States Consumer Confidence for June is due at 14:00 GMT; the index is expected to rise to 61.5 from 60.8 in May.

Originally posted here

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