Commodity Daily News

Crude Closes Out Week below $100 Level

Despite the boost riskier currencies like the euro saw toward the end of last week, crude oil saw mixed trading during Friday's session and eventually closed below the $100 a barrel level. Analysts attributed the downward movement to the news that any EU embargo on Iranian oil will likely not go into effect for several months. The news calmed supply side fears among investors which eventually brought the commodity down.

This week, oil traders will want to pay attention to both euro-zone and US news. Should the euro maintain its bullish momentum, oil will likely become more attractive to international investors and prices could go up as a result. At the same time, any better than expected US news could lead to the opposite affect and turn oil bearish.