Global macro overview for 12/10/2015:
The latest OPEC monthly report has just been released and it shows a global oil demand forecast cut by 40kbpd (thousand barrels per day) in 2016. That means the 2016 oil demand is seen at the level of 1.25mbpd. Nevertheless, OPEC forecasts a 130k drop in non-OPEC demand in 2016, mainly due to the lower prices reducing supplies stockpiles in the US and in other parts of the world. The more optimistic news is, the more balanced fundamental outlook for 2016 is.
The technical picture of crude oil shows the market trading below the 200DMA and below the 50% Fibo at the level of 50.25. The next resistance is seen at the level of 50.87 and support is seen at the level of 49.31.
