Monday, 30 Nov 2009

Oil is back on the Rise

After a week of bearish trend, crude oil saw a sharp rise today and a barrel of crude oil is currently traded for around $77.50. Also today, the Dollar declined against the Euro and the EUR/USD pair is now traded above the 1.50 level.

The Dubai debt situation continues to impact the market today, and currently it seems that the uncertainty regarding the Dubai economy and its possible affects on global economies is boosting energy and metals. Along with the sliding Dollar, this seems to be the main reason for oil's bullish trend.

Looking ahead to tonight, the RBA (Reserve Bank of Australia) Rate Statement is expected on 03:30 GMT. The Rate Statement is the Australian Interest Rates announcement for December. Current expectations are that the RBA will hike rates to 3.75%. This has the potential to boost the AUD, and traders are advised to follow this publication.