Global macro overview for 13/08/2015:
The unstoppable decline in crude oil prices might still be continuing as the production profitability prices for North Dakota shale, for instance, will be still profitable even at the level of $30 a barrel. This is happening because companies are benefiting from lower drilling and maintenance costs alongside stopping the bigger wells. Moreover, the marginal cost of production has shrunk with the drop in crude oil prices.
The crude oil is currently trading at the very important support at the level of 41.98 and any breakout lower will start another wave of selling. The next support can be find only at the monthly chart at the level of 33.16.
The material has been provided by InstaForex Company – www.instaforex.com