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Commodity Daily News
Oil Falls Further to Start off Week
Tuesday, 31 Jan 2012
Negative euro-zone news sent the price of crude oil tumbling throughout the day yesterday, as investors fled riskier assets in favor of safe-havens. Crude fell as low as $98.49 a barrel during European trading, before staging a slight correction.
Today, crude may continue to fall as long as a Greek debt-swap deal is not reached. It appears that without positive euro-zone data, investors are unlikely to shift their assets to commodities like oil. At the same time, with significant economic data out of the US set to be released later in the week, crude will likely have several opportunities to recoup its losses in the coming days.
