Crude Oil Update: Oil futures prices are trading in bullish trend driven by speculation of monetary easing and expectation continuous fall in crude oil stocks levels. Global market is eyeing on Fed’s testimony starting from today with a expectation of monetary easing in world’s largest oil consuming nation.
As per US Energy department, crude oil stocks are likely to fall for the fourth week, which may support oil to gain some points. Another positive factor for oil prices today is, US have threatened to escalate the Iran Issue.
The US will use all elements of American power to prevent Iran from obtaining nuclear weapons, as said by Hillary Clinton on yesterday. Thus, it may support oil to gain on threat of supply disruptions. We recommend to be on buying side in the evening session.