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Commodity Daily News
Crude Oil Decline on Economic Concern
Monday, 3 Oct 2011
Oil prices slipped below $80 on Friday as the dollar strengthened and doubts remained about the resiliency of the economic recovery and Europe's struggle with its debt crises.
Oil and other commodities denominated in dollars for global trading tend to rise when the U.S. currency falls as they become cheaper for holders of other currencies. A move away from dollar-based pricing of the world's leading commodity could further weaken the greenback.
As for this week, traders should pay attention to the U.S Non-Farm report scheduled on Friday, as it tends to have a large impact on Crude Oil's prices recently, especially for the short-term.
