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Commodity Daily News
Risk Aversion Leads to Flat Trading For Oil
Tuesday, 7 Feb 2012
The price of crude oil saw relatively little movement during trading yesterday, as risk aversion kept prices close to the $97 a barrel level. Crude tumbled last week, following a positive US jobs report which caused the US dollar to spike against its main rivals. Oil prices tend to fall when there is a strong dollar, because the commodity becomes more expensive for international buyers.
Today, the price of oil may see some upward movement providing a Greek deal to restructure its debt is finally announced. Any further delay in implementing a debt-swap deal is likely to result in an increase in risk aversion which could cause the price of oil to slip further.
