Movement of crude oil continued to be driven by macroeconomic development and sovereign crisis condition in the Eurozone. WTI crude oil price plunged below 70 briefly earlier in the week after the new Hungarian government’s comment on the country fiscal situation. Price rebounded and the rally accelerated in the middle of the week as macroeconomic data from the US and Asia was generally encouraging, the US Energy Department (EIA) reported another week of crude inventory draw and the International Energy Agency (IEA) raised its forecast on global oil demand.
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US’ Moratorium on Deepwater Drilling, if Extended Beyond 6 Months, may Affect Oil Production
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