Crude Oil saw an extremely volatile session last week. Crude oil was traded between 77$ to $82 a barrel during the week, showing sharp ups and downs. In conclusion, crude oil lost a little portion of its value, as it is now traded for $77 a barrel.
Crude oil dropped on concerns that global recovery may take longer than expected, and thus demand for energy might be damaged as a result. The Negative data which was published during the previous week, especially from the American and the German economies, has dented confidence for a swift global recovery. In addition, the strengthening Dollar also contributed to the oil's downtrend. Crude oil, just like other commodities such as gold, is traded in Dollars. When the Dollar appreciates, oil tend to drop and vice versa
As for this week, the leading data from the U.S. and the Euro-Zone are likely to influence on oil the most. The main publications that traders should follow are the interest rates announcements from the U.S, the Euro-Zone and Britain and of course the U.S. Non-Farm Employment Change. A surprising release from any of these publications is likely to have an immediate impact on crude oil's value.
