Global macro overview for 09/12/2015:
Oil prices stabilized yesterday after suffering heavy losses as the decision of the OPEC not to consider production output cuts triggered another sell-offs. The reason for that might be another fundamental news release regarding crude oil inventories which is due to be published at 3:30pm GMT today. The previous reading came in at the level of 1170K barrels, but this week market participants expect lower number (900K barrels). This number will be monitored closely, because any bigger-than-expected stockpiles will be another reason for investors to sell crude oil again.
The technical picture for crude oil does not look very bullish at present, however the doji candle might be seen after the sell-off lows around the level of 36.63. The next resistance is seen at the level of 38.95.
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