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Commodity Daily News
Crude Oil Continues To Sink Following Global News
Thursday, 26 Jan 2012
The price of crude oil continued to fall yesterday, following negative European and Japanese news that drove investors to safe-haven assets like the US dollar. Typically, riskier assets like crude oil fall when the USD increases in value and the commodity becomes less affordable for international investors. As a result, crude dropped below the $98 a barrel level during European trading.
Turning to today, traders will want to pay attention to a batch of US data which could impact USD pairs. Should any of the data come in below expectations, the dollar may move down as a result, which would likely support the price of crude oil as we begin to close out the trading week.
