Crude Oil recovered but the outlook remains bearish

Crude Oil recovered but the outlook remains bearish 
Apr 09 2015

Crude Oil rebounded above $56 per barrel at the opening of the Asian trading session on Thursday to offset its losses, after a sharp decline of the prices during yesterday session. The decline was due to increasing US crude oil inventories to record its highest levels. In addition, the strong U.S Dollar following yesterday FOMC meeting added more pressure on the oil prices.

On the other hand, another data showed that Saudi crude oil production rose to 10.3 million barrels during the month of March recording its highest level.

However, the main outlook of the oil prices is expected to remain bearish due to the growing production versus weak demand.

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