MARKET OUTLOOK OF CRUDEOIL 10 FEB 2016

GOLD ROCKSSSSSSSSS ALMOST HIT FINAL TGT 28000 MADE HIGH OF 28060 !!!!!!!!!!!!!!!!!!!

Crude Oil : Oil prices slid for a fourth straight session on Tuesday and teetered close to 12-1/2-year lows hit last month, after weak demand forecasts from the U.S. government and the western world's energy watchdog, while weak equities also pressured prices. Prices were under pressure throughout the session, but hit intraday lows after the U.S. Energy Information Administration (EIA) lowered its oil demand growth forecast for the next two years. Investors do not normally watch the quarterly report so intensely, but the fact that it triggered fresh selling reflected deepening nerves across the crude market. It came just hours after Paris-based International Energy Agency (IEA) warned the world would remain awash with unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output. After the oil market settled, the American Petroleum Institute (API), an industry group, reported a build of 2.4 million barrels in U.S. crude stockpiles for last week. That was lower than the 3.6 million-barrel build predicted by analysts surveyed by Reuters. The EIA issues official stockpile numbers on Wednesday.

Outlook :We expect crude oil prices to trade negative on the back of global supply glut.