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Commodity Daily News
Crude Oil Prices Flat On Korean News
Tuesday, 20 Dec 2011
Surprisingly, spot crude oil did not find a bid following the death of North Korean dictator Kim Jong II and news of increased tensions on the Korean Peninsula. The price of spot crude oil failed to reach above the $95. Perhaps the risk-off environment, the threat of additional European sovereign credit rating downgrades, and a stronger USD are weighing on the commodity. Spot crude oil prices have resistance at $95 from the November 25th low and may have made a tweezer bottom at $92.50.
