Author: CaitlynMoralez

Crude oil jumped amidst signs of improvements in the fundamentals. The DOE/EIA raised its global oil demand estimates for 2015 and 2016. It also forecast that total US crude oil production declined to “decrease through mid-2016 before growth resumes late in 2016”. This forecast appears inline with the recent decline in the number of oil rigs.

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Crude Broke Above Recent Trading Range as EIA Upgraded Demand Outlook

Crude oil resumed weakness as the USD rebounded and OPEC officials signaled no intention on a production cut in the upcoming June meeting. Indeed, the selloff was also a reaction to the huge build in US crude inventory in the past week with Cushing stock soaring to a record high.

Read more from the original source:
Crude’s Rise Short-Lived. Weakness Resumed on USD’s Rebound