Global macro overview for 16/10/2015:
The yesterday report on crude oil inventories revealed an unexpected increase in oil stockpiles. The market expectation were around 2577k, but the number was way higher, 7562K. This might suggest another wave of supply coming to markets as even the latest Venezuelas plan to reignite the OPEC price peg mechanism, attempting to set a $70 floor, will be doomed from the start. Moreover, Saudi Arabia and OPEC's leaders clearly stated that it does not have any interest in supporting crude prices relaying only on financial market dynamics.
After four days of a losing streak, crude prices bounced. Now oil is trading just below the technical resistance at the level of 47.66. The next support is seen at the level of 45.15.
