well the seasonality effect is quite strong in crude oil
usually this market tends to have very long-lasting trends and it is true but the mid-term movements are more or less the same thrhoughout the year
*Our overall outlook for crude oil prices is bearish, as the outlook for global growth is worsening due to mounting concerns from Europe and the fact that major economies around the globe are still weak, and that should put negative pressure on crude oil prices.
*Traders will be awaiting the infamous jobs report from the United States on Friday, and a strong figure could boost optimism and push crude oil prices higher. [Topcommodities Net]
I love trading brent and light oil and I have been quite profitable, HOWEVER , I do regard my trading style as wimpish because I only (religiously) trade certain time zones. I feel that if I traded when the yanks are awake , I would be annihilated!
---Crude Oil Weekly P&F Technical Outlook.
...Crude Oil Maintains The Upside Bias.OPEC decision was so helpful for crude pushing it up to the top of the range that is expected to remain among it $80-$85, as the commodity is trading now around $84.66. But how long the upside momentum will last as the Greek elections at the door and no one knows how results will come. In fact, central bankers seem to be more mature than the market speculated before, as they stand ready to stabilize financial markets in a coordinated action to provide liquidity if the Greek elections on Sunday cause a mess in the market....[by oilngold]
I started scalping on OIL recently as it has smallest spread (1 cent) among other CFD and also I find it respecting more technical analysis (pivot point and fibo) more than currency, so unlike popular opinion it is actually easier to trade.
CRUDE OIL fell in Asian trade Thursday as supply concerns eased after Hurricane Isaac left production facilities in the US Gulf of Mexico relatively unscathed. Light sweet crude for delivery in October, shed 42 cents to $95.07 a barrel and Brent North Sea crude for October slid nine cents to $112.45. Supply concerns arising from damage to facilities in the US Gulf from Hurricane Isaac proved unfounded and depressed prices. The Gulf of Mexico is the hub of US offshore energy production, accounting for 23 percent of crude OIL output and 7.0 percent for natural gas. The Gulf coast’s facilities also have more than 40 percent of total US petroleum refining capacity and 30 percent of natural gas processing plant capacity.