Global macro overview for 08/12/2015:
Crude oil had slipped to its 6-year low as the OPEC members failed to reach an agreement on production cutbacks at the meeting in Vienna on Friday. This decision will result in a huge global glut of oil, that might lead to a shortage of land-stores facilities. Moreover, the statement issued by the OPEC did not mention the production target, which means the cartel members can not reach an agreement in this particular case, so the production output levels will remain high.
The crude oil monthly chart indicats a strong technical support at the level of 33.32 and this is where the crude oil is heading before any important bounce will happen.
