Global macro overview for 27/07/2015:
Crude oil prices slipped again and still keep heading south. The recent data from the US has increased the concerns about oversupply on the oil market as the US drilling activity increased last week. According to Baker Hughes Inc, the oil producers added 21 oil rigs last week, the biggest rise since April 2014. The recent US-Iran deal, Saudi Arabian oil oversuppling market, and the increasing number of rigs suggest much lower prices to come in the next weeks.
The technical picture of crude oil does not look bullish at all as the market currently trades below 55,21 and 13-period moving average, eyeing the next support at the level of 47.00.
The material has been provided by InstaForex Company – www.instaforex.com