Global macro overview for 11/11/2015:
Yesterday's API crude inventories data revealed another increase in the stockpiles to the level of 6.3 million barrels for the week ended November 6. Market expectations were much softer with the average expected number at the level of 500K, a nice decrease from last week reading of 2.8 million. The data showed that the global crude market is still oversupplied and lower oil prices are anticipated.
The crude is trading just above the technical support level of 43.56. The next support is seen at the level of 42.57 and the next resistance is seen at the level of 45.11.
