Oil down over demand fears ahead of Fed meeting next weekOil is down over $2 from yesterday's high of $82.70 and just as I thought Oil is undoubtedly making a 180 as the 3rd week into the rally concerns starts to shift from China to global economies which are predicted to slow. Tonight at 4:30 is API Crude Oil Stock followed by EIA tomorrow and this data will be watched closely on concerns that the US Oil demand isn't as robust with EIA Crude Oil Stock having 4 consecutive surpluses. Then Thur is the big one with US GDP and Durable Goods at 8:30am before the market opens so make sure to position yourself Wed. I think that the market is at the point now where Lunar New Year has passed with the rush tapering off and now investors are waiting for data to come out of China showing actual numbers because the last data out of China was one of a country contracting with manufacturing leading the way down and the US was no better. today, I was waiting for Oil to hit $79, and if this doesn't convince you of change. Use caution and keep on top of DD GLTA
Oil down over demand fears ahead of Fed meeting next week (aa.com.tr)