Commodity Daily News

Crude Oil Falls amid European Debt Concerns

Crude oil began yesterday's trading session with a sharp fall to $80.30 a barrel from $82.10 in morning trading. However crude managed to erase most of its losses and is currently trading near $81.60 a barrel

Crude oil declined yesterday on concerns Europe's debt will damage the region's economic growth, and will decrease demand for energy. In addition, speculations that the Irish turmoil will affect other European economies, such as Spain and Portugal, have also pushed oil prices downwards. However crude managed to erase most of its losses on expectations U.S. Crude Oil Inventories report will show a further decline in crude inventories.

Looking ahead to today, traders are advised to follow the leading economic publications from the U.S. and the euro-zone, as these tend to have the largest impact on oil trading. Traders should also follow the U.S. Crude Oil Inventories release, which is scheduled for 15:30 GMT, as this report tends to have an instant impact on the market.