Warning: strtotime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/pancaps/public_html/index.php on line 12

Warning: strtotime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/pancaps/public_html/index.php on line 12

Warning: strtotime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/pancaps/public_html/index.php on line 12

Warning: strtotime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/pancaps/public_html/index.php on line 12

Warning: strtotime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/pancaps/public_html/index.php on line 12
WTI Falls Before U.S. Manufacturing PMI Release
Saturday, 04 April 2015 10:14

WTI Falls Before U.S. Manufacturing PMI Release

Written by 
Rate this item
(0 votes)

WTI contract for March delivery is down by 0.11% to $97.39 before the release of U.S. Manufacturing PMI.

Institute of Supply Management will release Manufacturing PMI at 0300 GMT. The index is expected to fall at 56.2 from previous 57.0. The index has shown expansion for last 7 months consecutively.

Expectation of a little change may not leave high impact on crude oil prices. But if the index falls below expectation then we may see downside pressure on this commodity. Prices have already fall on concern of sluggish demand from China, Second largest oil importer.

At price near to $98.60 there are strong technical resistance points. High prices may not sustain as fundamentals at the globe are not supporting. On 5th Feb Energy Information and Administration will release inventory data. Last week the inventory rose to 6.4million barrels highest since 21st Oct, 13.

We may see volatile movement in crude oil prices after the data release as U.S. is the largest oil consumer.

 

Read 888 times