Crude Oil Daily Fundamental Analysis for September 08, 2011 |
Crude oil prices rose on Wednesday, as optimism spread through markets that President Obama will announce a new stimulus plan to support the labor market. Moreover, concerns from the European debt crisis eased after Italy announced new austerity measures. Also, traders were focused on a strong in the Gulf of Mexico that could disrupt oil supplies, which pushed crude oil prices higher.
U.S. President Obama will announce a new stimulus plan to support the labor market, where the specific details of Obama’s plan will be released before the Congress on Thursday. Moreover, traders will be watching closely rate decisions from Europe, where the Bank of England and the European Central Bank are expected to leave interest rates unchanged. Traders will be also eyeing the EIA report for crude oil inventories on Thursday, since it was postponed due to the Labor Day Holiday earlier this week.
Thursday September 08:
At 12:30 GMT, the U.S. will release the trade balance for July, where the trade deficit is expected to narrow to $51.0 billion, compared with the prior deficit of $53.1 billion.
At 12:30 GMT, the U.S. will also release the jobless claims for the week ending September 3, where jobless are expected to ease to 405K from 409K.
At 15:00 GMT, the EIA report for crude oil inventories will be released, where the EIA report is expected to show that crude oil inventories fell by 2.0 million barrels, compared with the prior rise of 5.3 million barrels.
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