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Commodity Daily News
Crude Oil Declining in Risk Off Environment
Thursday, 24 Nov 2011
Spot crude oil prices continue to struggle after peaking in mid-November. The commodity has been unable to regain its footing after peaking at $103 on improved US economic data and tensions in the Middle East. With an intensification of the European debt crisis and PMI surveys that show slowing economies in both Europe and China it will be difficult for the crude oil prices to bounce back. The approaching US holiday will keep volumes light and an absence of economic data may have crude oil trading within a range between $103 and $94.
