Oil prices tumbled down during last week along with many other commodities rates such as gold and silver. The FOMC revised down its projection on the U.S economy and in an effort to help jump-start the economy extended its operation twist without adding another expanding stimulus plan This news may have been among the reasons for sharp fall of crude oil prices during last week.. The U.S Philly Fed Index also didn't come out positive and declined in June. If the upcoming U.S reports will continue to show weakness it could further drag down oil prices.
During the upcoming week there are several reports that may affect oil rates including the U.S new home sales, U.S GDP for Q1, core durable goods and U.S jobless claims.