Global macro overview for 13/01/2016:
The US crude oil tumbled below $30 for the first time in 12 years as the overwhelmingly bearish sentiment had pushed the prices below the last support at the level of 33.14. A continuing supply glut and fragile demand from China has erased any gains for the last four years and now these low price levels are starting to threat the survival of many US shale companies. Some analysts are warning that this is not the end of the downtrend as the price might not reverse before hitting $20 level and the world's biggest energy companies are saying that it may be many years before prices recover.
The crude oil is trading at the level of 31.27 at the time of writing. The next daily support is seen at the level of 29.88.
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