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Commodity Daily News
Oil Prices Continue their Decline
Monday, 28 Nov 2011
The price of spot crude oil continues to decline following a brief push above the $100 level. Investors have been taking their cues from events in Europe which have dragged down market sentiment. A combination of political gridlock in Europe combined with credit rating downgrades of Portugal, Hungary, and Poland have all weighed on the investment horizon.
The sovereign debt crisis appears set to continue and traders may look to US economic data this week for signs of an improving US economy. The headline event will be Friday's non-farm payrolls report but crude oil traders should also be on the lookout for Thursday's ISM manufacturing PMI for signs of continued US economic improvement.
