Crude oil prices rose on Tuesday, as the US dollar lost strength following data out from both German and US economies, where Germany’s IFO business climate inclined above expectations, in addition, the U.S housing starts and building permits knocked out analysts’ median estimates.
Furthermore, Spain sold short-term bills with lower yields, which accordingly boosted risk appetite among traders for higher-yielding assets, including the Euro, British Pound and stocks.
As the year nears to end, lights are about to fade upon the financial markets, where will accordingly see low volumes and limited trading as well before Christmas holiday. The sentiment will start to shape as investors stay cautious ahead of the New Year’s but traders will be mostly concerned about the latest development from the 17-bloc euro area.
The outlook for crude oil prices remains generally to the downside, as persistent fears from the European debt crisis and signs global growth is slowing are likely to keep crude oil prices under pressure, while traders will continue to monitor the developments from the 17-bloc euro nation and the European leaders’ latest moves to contain the debt crisis, where we expect volatility to persist over the sessions this week.