- Strong political intervention is needed on energy consumption
- Or else the global economic recovery will be threatened
- High fuel prices have weighed on oil consumption in the OECD, but developing countries have rebounded
- Rising prices and deteriorating economic environment have started to weigh on demand
Just a little elaboration on both sides of the story in the oil market right now. All things considered, oil remains quite resilient and although prices have recently fallen, the technicals are still holding up. WTI crude is still holding afloat at support around $95, with the 200-day moving average also providing some help today:
This article was written by Justin Low at www.forexlive.com.