Daily Crude Oil Fundamental Analysis Friday March 2, 2012

Daily Crude Oil Fundamental Analysis March 02, 2012

By FXEmpire.com - Analysis and Recommendations:

Crude Oil gained Thursday, starting March on a mildly positive note, cheering news that manufacturing in China expanded. Oil is trading at 108.30

China’s manufacturing gained momentum; helped by strength in new orders, export demand and production, though inflation pressures remain a concern, according to a survey released on Thursday.

The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, rose 0.5 points to 51.0 from January’s 50.5 and December’s figure of 50.3 in a third straight month of steady improvement.

A higher-than-expected increase in U.S. inventories also added some pressure to oil prices on Wednesday.

Continued geopolitical worries continues to support crude prices, although the noise from Iran has subsided a bit, the US continues to exert pressures, which will see Iran retaliate. The markets continue to keep a close eye, although Saudi Arabia and the OPEC nations have assured the US and EU that they will make up any short falls.

Economic Events: (GMT)

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