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Commodity Daily News
Oil Steadily Declines Following Last Week's Highs
Tuesday, 10 Jan 2012
Crude oil saw a mixed trading day yesterday, as risk aversion continues to dominate market sentiment. Following last week's bullish run due to Middle East tensions, oil seems once again to be leveling out. While the commodity has stayed above the psychologically significant $100 a barrel level, traders should be aware that this could change at any time.
With investors eagerly paying attention to euro-zone meetings and bond sales, crude oil prices could see some heavy fluctuations in trading today. Analysts are still pessimistic about the prospects of a euro-zone recovery. Unless positive news is released today, oil may see further downward movement.
