Economic Events: (GMT)
Analysis and Recommendations:
Crude Oil is currently trading at 98.40 down -2.14 (-2.13%)
The black gold fell by more than $2 a barrel in trading today as concerns over Greece’s debt crisis and weak Thursday report showing U.S. gasoline demand dropped to its lowest level in 10 years, and that is bearish for crude prices because the refining margins aren’t there to process the crude, so we can anticipate that inventories crude inventories will rise in the future. As worries about Iran have reduced, as the embargo has been put off, oil prices have drifted down.
Greece is the major contributor to all the commodity and currency markets today and will most likely be the motivator in the early part of the week. A Greek default remains a real possibility, and stronger economic indicators from the U.S. aren’t enough to counter that fear, even the upswing of the USD has not helped oil today.