http://www.fxstreet.com/technical/market-view/the-commodities-report/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-10.htmlCrude Brent crude saw yet another positive session on Thursday and is set to post gains in a third consecutive week. Brent even mostly ignored the fact that the Greek political agreement was not rubber-stamped by Eurogroup Finance Ministers. Today, the IEA released its new Oil Market Report. The agency revised its outlook for an increase in oil demand to the downside by 0.3 million barrels per day and hence took the similar step as the OPEC yesterday. Moreover, the OPEC’s report confirmed theFri, 10 Feb 2012 13:30:19 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-10.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-09.htmlCrude Brent crude posted yet another gains on Wednesday and in late afternoon was seen just shy of 118 USD per barrel (USD/bbl). The situation in Iran has somehow calmed (although Iran’s stance towards EU embargo and the U.S. sanctions remains unclear) and this week’s rally was fuelled mainly by supply worries related to South Sudan and Nigeria. Let us remind that Nigeria is a major OPEC producer (about 2 million barrels per day) and South Sudan pumps about 350 thousand barrels of oil per day.Thu, 09 Feb 2012 11:53:28 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-09.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-08.htmlCrude The weaker U.S. dollar supported commodities prices across the board on Tuesday and in intraday trading hit yet another multi-month high. In late afternoon, Brent price was seen as high as at 117.50 USD per barrel. Moreover, the spread between 1M and 2M contract slightly widened (see the chart). Meanwhile, the spread between Brent and WTI slightly tightened and returned back below 18 USD per barrel. Several pieces of news played in favor of the U.S. benchmark. First, Alberta’s HorizonWed, 08 Feb 2012 13:42:14 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-08.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-07.htmlCrude On Monday, Brent crude rallied to 116.50 USD per barrel (USD/bbl), i.e. to the highest level in about six months (see the chart). This time, media brought out an attack on a pipeline in Nigeria and cold winter in Europe as the main causes of the price spike. The US benchmark WTI lagged behind its peer and the spread between Brent and WTI thus widened to a 3.5 month high. Meanwhile, FT cited two executives of European refineries who admitted they were in talks with Saudis to switch fromTue, 07 Feb 2012 11:04:56 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-07.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-06.htmlCrude On Friday, the US payrolls report for January turned to be the key factor for trading on almost all markets. It came out much stronger than expected and pushed the price of Brent to a three-month high. Hence, demand-side factors played the key role this time. As regards the situation in Iran, despite some sabre-rattling neither side looks keen to start an open conflict. Although committing to the alliance with Israel, the US president Obama warned on Sunday that any kind of militaryMon, 06 Feb 2012 11:56:47 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-06.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-03.htmlCrude Brent crude posted small gains on Thursday and closed just shy above 112 USD per barrel (USD/bbl). Regarding the EIA’s weekly petroleum status report released back on Wednesday, it confirmed a relatively low implied demand for oil products in the U.S. in January (see the chart). The main contributor was a lower than usual consumption of motor gasoline. As far as today’s trading is concerned, the eye-catcher is the U.S. payrolls report. For now we doubt that the US data will be able toFri, 03 Feb 2012 11:30:15 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-03.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-02.htmlCrude Brent crude posted small gains on Wednesday although the intraday trading even saw price at 112.80 USD per barrel. However, a rebound of the US dollar later in the afternoon as well as a bearish set of data from the US DOE/EIA (which showed a higher than expected built in US crude inventories) weighed on the price and the front-month contract dipped back below 112 USD/bbl level. The price of oil remains at elevated levels although the situation in Persian Gulf has calmed down somehow.Thu, 02 Feb 2012 11:42:43 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-02.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-01.htmlCrude Commodities markets experienced a relatively calm session on Tuesday. Brent crude eventually gave up early gains and closed barely changed at 111 USD per barrel (USD/bbl) level. Today in early trading, Brent edges higher, supported by the weaker US dollar and a rather positive China’s PMI (see “Base Metals” section). Later today, figures on the US crude inventories will be released. Base Metals Base metals prices somehow eased yesterday. Copper price dropped by more than one percent, butWed, 01 Feb 2012 11:50:50 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-02-01.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-31.htmlCrude Commodities posted losses across the board on Monday. The front month contract on Brent lost some ground in the afternoon and in intraday trading even dipped below 110.50 USD per barrel level. As far as Persian Gulf tensions are concerned, OPEC Secretary-General Badri warned that the EU’s embargo on Iranian crude would bolster oil prices although the market had recently been well supplied. Meanwhile, Saudi Arabia’s Oil Minister Naimi reiterated that his country would “continue to be aTue, 31 Jan 2012 11:25:39 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-31.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-30.v02.htmlCrude On Friday, Brent crude extended previous gains and gained about 0.5 percent. However, Iran’s threats it might stop selling its crude to “some” countries supported some physical grades, especially Russian crude (Urals) which is seen as the closest substitute for Iran’s oil. However, oil market (the main benchmarks Brent and WTI) remains relatively calm as well as speculator’s positions in US oil that are seen far below levels observed after an outbreak of war in Libya (see the chart). LetMon, 30 Jan 2012 11:19:12 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-30.v02.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-27.htmlCrude Brent crude prices rose on Thursday amidst a rising risk appetite boosted by the Fed’s “promise” of zero rates until late 2014. As a result, the price of March contract is currently seen above 111 USD per barrel. Today, the focus of global markets will be on the US Q4 GDP report. The consensus expects an annualised growth rate of 3.0% Q/Q. A figure at or above consensus might support sentiment on risk and hence support the price of oil. Nevertheless, prospective gains might be capped byFri, 27 Jan 2012 12:04:47 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-27.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-26.htmlCrude On Wednesday, commodities saw rather calm session, waiting for an outcome of the Fed meeting. The Fed’s announcement that it anticipates very low rates through late 2014 supported the prices of commodities across the board (for more on the FOMC meeting click here ). Apart from the FOMC meeting, the market had to cope with another Iran’s threats. The Parliament’s energy committee spokesman said the country prepared a bill which, if approved, would stop exports of crude to Europe beforeThu, 26 Jan 2012 11:19:01 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-26.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-25.htmlCrude Brent crude edged lower on Tuesday despite the fact that Iran reiterated its threat it would block the Straits of Hormuz if the western countries manage to block its exports of oil. However, despite an escalating diplomatic clash, the market remains rather calm. A situation in the physical market slightly improved compared to previous months and although stocks remain below 5 year average, recent trend has been relatively positive (according to IEA OMR). Hence, Brent timespreads haveWed, 25 Jan 2012 11:11:23 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-25.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-24.htmlCrude Brent edged above 110 USD per barrel (USD/bbl) on Monday after rumours that the EU diplomats agreed on a ban on Iranian crude imports to Europe. The rumours were confirmed in the afternoon and Brent closed above the mentioned level. The EU ministers agreed on a full implementation of the ban as of 1st July as Greece withdrew its demand for longer grace period. After the decision, Iran turned back to sabre-rattling and deputy-head of parliament’s foreign affairs commission said if aTue, 24 Jan 2012 11:27:22 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-24.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-23.htmlCrude Brent crude posted some losses on Friday and closed slightly below 110 USD per barrel (USD/bbl) level. During the weekend, oil market saw some bearish news. On Sunday, a U.S. aircraft carrier sailed safely through the Straits of Hormuz into Persian Gulf during the long planned rotation and replaced another carrier which had earlier left the Gulf. On Saturday, Iran’s Revolutionary Corps Deputy Commander eased previous hostile rhetoric as he said that U.S. warships had been present in theMon, 23 Jan 2012 10:13:46 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-23.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-20.htmlCrude Brent crude posted solid gains on Thursday and returned back above 111 USD per barrel. Regarding news, Iran’s Foreign Minister Salehi warned his country’s neighbors not to “let themselves to be dragged into a dangerous position”. His words should have probably threaten the U.S. gulf allies in general and Saudi Arabia in particular as Saudi’s Oil Minister Naimi said earlier this month his country was able to boost output by about 1.5 to 2 million barrels per day almost immediately.Fri, 20 Jan 2012 13:41:51 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-20.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-19.htmlCrude Brent price fell on Wednesday and in intraday trading even dipped below 111 USD per barrel (USD/bbl) as the IEA said that global oil consumption dropped y/y in the last quarter of 2011 and revised its outlook for the demand growth in 2012. Regarding the sanctions against Iran, China’s Prime Minister Wen Jiabao defended the stance of his country to maintain oil trade with Iran. Nevertheless, he also warned Iran that it should not strive to develop a nuclear weapon. Today, Brent crudeThu, 19 Jan 2012 10:25:08 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-19.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-18.v02.htmlCrude Commodities prices grew across the board on Wednesday, supported mainly by slightly better than expected China’s Q4/2012 GDP reading. The figure fuelled a rally in base metals prices – its impact on the price of oil was rather modest as Brent crude posted only small gains on Tuesday. EU diplomats gave more concrete shape to a planned ban on Iranian crude imports. Denmark, who holds the rotating EU presidency, proposed that the embargo could come into effect on 1st July. Given theWed, 18 Jan 2012 10:21:31 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-18.v02.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-17.htmlCrude Brent crude posted some gains on Monday, despite the fact that Saudi Arabia’s Oil Minster Naimi told CNN that the kingdom is able to boost its oil production by about 2 million barrels per day almost immediately. Moreover, Naimi said he would prefer the price of oil to hover at 100 USD per barrel level. Another bearish piece of news came from Nigeria – trade unions called off a strike after the government partially restored subsidies for the price of fuel. Base Metals Copper outperformedTue, 17 Jan 2012 09:51:19 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-17.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-16.htmlCrude After a relatively calm first half of Friday’s session, Brent crude experienced heightened volatility in the afternoon as rumors regarding S&P’s cut in France’s rating spread over the market. Moreover, trade unions in Nigeria decided to put planned stoppage of oil production on hold – this move also mitigated fears of market tightness. As a result, Brent price dipped even to 110 USD per barrel. Regarding the situation in Iran, Saudi Arabia sticks to its policy of providing as muchMon, 16 Jan 2012 10:30:12 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-16.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-13.htmlCrude On Thursday, Brent crude experienced a volatile trading. The combination of a strong Spanish bond auction and an announcement of Nigeria’s main oil union that said it would stop oil production if the government did not accept demand of public regarding restoration of fuel subsidies bolstered the price of Brent which sky-rocketed to nearly 115 USD per barrel (USD/bbl). Nevertheless, the price shrunk to less than 111 USD/bbl in the afternoon after Bloomberg reported that an EU embargo onFri, 13 Jan 2012 09:51:50 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-13.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-12.htmlCrude Price of Brent crude dipped to 112 USD per barrel (USD/bbl) on Wednesday after the US DOE/EIA said US crude inventories surged by 5 million barrels (mbbl) instead of expected built of only 0.8 mbbl last week. Today in early trading, price of oil surged back to 113 USD/bbl level on news that Japan echoed western sanctions and pledged to reduce imports of oil from Iran. Moreover, China’s CPI inflation dropped to about 4% YoY in December which also supports sentiment as it creates more roomThu, 12 Jan 2012 11:34:18 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-12.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-11.htmlCrude Yesterday, global market enjoyed a “risk-on” day and commodities prices grew across the board. Despite the fact that the US dollar posted small gains, the price of Brent posted solid gains and in EUR terms even surpassed levels seen in April 2011 (i.e. after an outbreak of Libyan war, see the chart). Moreover, a situation in Iran seems to get anything else but calmer. International pressure on the country is rising – Japan (about 250 thousand barrels per day imports from Iran) tookWed, 11 Jan 2012 11:23:03 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-11.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-10.htmlCrude Today in early trading, Brent crude erased yesterday’s losses and edged above 113 USD per barrel (USD/bbl) despite the fact that China’s headline data on imports and exports for December 2011 released today in early morning rather disappointed. Nevertheless, although dropping by 6.5 percent in comparison with the previous month, crude imports remained vital as they grew by 6 percent on a year-on-year basis. Base Metals Copper and aluminium prices surged by more than one percent today inTue, 10 Jan 2012 12:32:10 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-10.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-09.htmlCrude On Friday, a better than expected US payrolls report supported the dollar and failed to broadly improve sentiment on risk. Nevertheless, Brent crude slightly extended previous gains and February contract closed at 113 USD per barrel (USD/bbl) level as Iran announced that new military exercises in Strait of Hormuz will take place in February. According to Reuters, the International Energy Agency (IEA) officials have already been in talks regarding possible release of emergency stocks inMon, 09 Jan 2012 10:41:33 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-09.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-06.htmlCrude Brent crude gave up some previous gains on Thursday as debt woes reigned and caused risk aversion and the EIA reported surprising increase in US crude stockpiles. The two news mostly overshadowed the ADP labor market report that showed a steep rise in the number of jobs (+ 325 000) in December 2011 and Brent returned to 113 USD per barrel (USD/bbl). Regarding the situation in Iran, Reuters said China will cut back its imports of Iranian crude in January and February this year. Moreover,Fri, 06 Jan 2012 10:53:37 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-06.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-05.htmlCrude Crude oil outperformed the rest of commodities complex on Wednesday as western countries agreed on further sanctions against Iran related to its nuclear programme. The news overshadowed market jitters related to lingering eurozone crisis and the price of front month contract on Brent leapt to the highest level since mid November 2011. According to recent news, EU reached preliminary agreement to ban imports of crude oil from Iran. Quite importantly, crisis-most-severely-hit Greece didThu, 05 Jan 2012 12:12:47 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-05.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-04.htmlWed, 04 Jan 2012 10:22:42 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-04.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-03.htmlCrude Today in early trading, commodities exploit slightly better mood and post small gains - Brent crude climbs to 109 USD per barrel. China’s official manufacturing PMI showed slight improvement and the overall index returned back above 50 points (i.e. now indicates expansion). Nevertheless, HSBC PMI index somehow blurred the picture as it remained below 50 points in December 2011 – China’s companies reported accumulation of stocks for the first time since July 2010. Apart from the demandTue, 03 Jan 2012 09:31:53 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2012-01-03.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-16.htmlCrude After a sell-off on Wednesday, the price of Brent crude held relatively steady yesterday. Today in early trading, Brent opened at 104 USD per barrel (USD/bbl) level. Nevertheless, it posted some gains on worries about supply disruptions as the US levied further sanctions on Iran. Let us remind that, as far as the share of Iran’s crude on total imports is concerned, prospective ban on imports from Iran would have the heaviest impact on debt-crisis-wounded Spain, Greece and Italy. BaseFri, 16 Dec 2011 11:07:38 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-16.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-15.htmlCrude Risk aversion due to worries about the EU debt crisis reigned and pushed the commodities prices lower across the board. January contract on Brent crude shrunk by 4% and closed at 105 USD per barrel level. Yesterday, the eye-catcher was the OPEC meeting in Vienna. Delegates from member countries delivered an expected result as they agreed a new output target of 30 million barrels a day. According to the official press release, the target includes production of Libya, which has alreadyThu, 15 Dec 2011 11:16:39 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-15.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-14.htmlCrude Despite the fact that the most of industrial commodities as well as precious metals posted further losses on Tuesday, Brent crude surged in the afternoon and the front month contract even breached 110 USD per barrel (USD/bbl) level. According to media, rumours that Iran closed the key shipping route – the Straits of Hormuz – fuelled the rally in oil price. Nevertheless, the country’s officials later dismissed such news. Today, the main focus of the market will be on the OPEC meeting inWed, 14 Dec 2011 10:14:34 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-14.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-13.htmlCrude It was again renewed pessimism on the euro debt crisis that drove the action in commodities markets yesterday. Hence, commodities prices fell across the board. Ahead of the OPEC meeting in Vienna, Brent crude lost more than percent. About a week ago, generally expected outcome of the meeting was an adjustment of production quotas to actual production levels (since Dec 2008, the official quota stands at 24.845 million barrels per day whereas the actual production is estimated to be aboutTue, 13 Dec 2011 10:11:10 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-13.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-12.htmlCrude Further set of Chinese data sheds a positive light on commodities markets amidst lingering euro zone debt crisis. Apart from a positive figure on copper imports (see the section below), the report unveiled the highest Chinese crude imports since September 2010. Still, rising risk aversion weighs on the price of Brent which is currently hovering at 107.5 USD per barrel level. Let us remind that the OPEC meeting is scheduled for this Wednesday (12/14). Unlike the last meeting which tookMon, 12 Dec 2011 11:40:21 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-12.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-09.htmlFri, 09 Dec 2011 10:15:59 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-09.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-08.htmlThu, 08 Dec 2011 11:00:58 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-08.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-07.htmlCrude On Tuesday, Brent crude took an advantage of slightly better mood related to expectations of a positive outcome of the EU summit and gained about 1 percent. Regarding the forthcoming OPEC meeting (due to 14 December), the cartel members are set to reach a deal that would officially confirm current production levels (about 30 million barrels per day). Iran’s Oil Minister Qasemi suggested earlier this week that the cartel members should follow recommendations of OPEC’s analyst whichWed, 07 Dec 2011 10:53:12 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-07.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-06.htmlCrude Brent crude closed barely changed on Monday although it touched 111.50 USD per barrel (USD/bbl) in the afternoon. Regarding the possible impact of a prospective embargo on imports Iran’s oil, the debt-crisis-wounded European countries would be affected the most as, according to Reuters, 14% of total oil imported by Greece comes from Iran. In case of Spain and Italy, the share is 13%. Today, Brent posts some losses as S&P put the rating of 15 EMU sovereign ratings on credit watchTue, 06 Dec 2011 10:57:49 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-06.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-05.htmlCrude Neither US nonfarm payrolls nor the figure on US unemployment (a positive surprise) for November managed to provide a significant support for the price of oil on Friday. Still, Brent crude posted modest gains and closed just shy of 110 USD per barrel level. Regarding the week ahead, the focus will once again be on Europe. We assume more wait-and-see behavior of traders going into the ECB meeting and the EU summit. Apart from that, the price of oil will probably gain support from theMon, 05 Dec 2011 09:59:43 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-05.htmlhttp://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-02.htmlCrude On Thursday, Brent crude erased some gains posted during the week and later in the afternoon dipped to 108 USD per barrel (USD/bbl) even though the US ISM index surprised positively. The main upside risk for the price of oil remains probably a situation in Iran. Yesterday, the EU levied further sanctions on the country and reiterated the possibility of lifting an embargo against imports of crude from Iran (about 450 thousand barrels per day). Such a measure would probably have the mostFri, 02 Dec 2011 10:57:54 GMThttp://www.fxstreet.com/technical/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/technical/market-view/the-commodities-report/2011-12-02.html