Commodity Daily News

Crude Oil Closes Week on a Bearish Note

Positive US jobs data combined with a weak euro caused crude oil to close last week on a slight bearish note. While oil is still trading above the psychologically significant $100 a barrel level, the strong dollar weighed down on the commodity. Typically, a strong US dollar makes oil more expensive for international consumers and brings prices down. In addition, the euro-zone debt crisis has brought equities markets down, resulting in bearish momentum for oil.

This week, traders will want to pay attention to any news out of the euro-zone. Further bearish movement by the euro will likely cause crude oil to move down as well. At the same time, Middle East tensions may cause oil to go bullish again. Any news out of Iran which may cause investors to fear oil supplies may drive the commodity higher throughout the week.