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Commodity Daily News
Crude Oil Trades at 10-week Low
Monday, 14 Feb 2011
Crude Oil prices fell to a 10-week low last week to around $85.50, after Egyptian President Hosni Mubarak stepped down and handed over power to the army.
Mubarak's departure came after 18 days of mass protests that had raised concern about potential for supply disruptions and a spread of the turmoil to major oil producers in the region.
As for the following week, traders are advised to follow the leading economic releases from the U.S. and the euro zone, as they usually have a large impact on crude prices. Traders should also focus on the U.S. Crude Oil Inventories report, which is scheduled for Thursday, as this release tends to have an immediate impact on the market.
