Global macro overview for 26/10/2015:
Crude oil prices closed on lows last Friday, despite the fact that China’s latest rate hike raised hopes for a stronger demand from one of the world’s largest economy and powerful energy consumer. The People’s Bank of China (PBOC) cut its lending rate by 25 basis points to 4.35 percent in its latest effort to boost the Chinese economic growth. This helped oil prices for a while, but at the end of the day negative sentiment towards persistent concerns over a glut in global crude oil supply has return to the markets anyway.
The crude oil technical picture shows the price coming back to the congestion and it is trading just above the technical support at the level of 43.17.
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