FX.co ★ Fundamental Analysis, February 25, 2011

The price of crude oil declined for the first time in six days at the New York Commodities Exchange, locking under the level of 100 United States dollars for one barrel oil, after the United States crude oil reserves grew for the six week running, as well as due to the announcement made by Algeria regarding an end to the state of emergency declared in that country 19 years ago. During trading, the price of crude oil had already reached a two and a half year high after the conflict in Libya damaged the production of the third largest oil producer in Africa.

The United States Department of Energy announced yesterday that the United States' stock of crude oil grew last week by 822 thousand barrels to a total of 346.7 million barrels, a sixth weekly rise in a row. Analysts had expected a sharper, 1.1-million barrel rise.
In the real estate market, the United States Department of Commerce announced yesterday that new home sales in the United States fell in by 12.6% in January, reaching an annualized rate of 284 thousand. Economists had predicted a more moderate decline to a total rate of 300 thousand new homes sold per year.

Furthermore in the macroeconomic sphere, orders for non-consumable goods in the United States grew by 2.7% in January, according to the United States Department of Commerce. Economists had expected a slightly higher climb of 2.8%. Furthermore, the Department of Labor had announced yesterday that the amount of new unemployment claims in the United States fell last week by 22 thousand to a total of 391 thousand. Economists had predicted a more moderate decline in the number of first new unemployment claims to a level of 405 thousand.