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.
