Global macro overview for 12/08/2015:
WTI crude oil prices hit a fresh 5-year low yesterday after the OPEC announced that production output reached a new three-year high in July. OPEC raised its forecast for non-OPEC supply this year by almost 90,000 barrels per day after claiming it raised its output by 100,700 bpd to 31.5 million in July. The current output is at the highest level since 2012 and further declines in crude oil prices might have return concerns about global growth and deflation risks.
Crude oil futures slid 4.13% to trade at the $42.67 low and closed yesterday at the level of $43.06. The most important support is at the level of $41.98.