Source: ForexYard
Monday’s trading saw crude oil prices significantly drop during the European trading session. The commodity took a big hit from the Non-farm Payroll figures on Friday as well as escalating news from Iran regarding their nuclear Program.
The Commodity Markets were shut on Friday due to the “Good Friday Holiday” but we did see crude prices slightly increase the previous trading day during Thursday as it rose 1.8% before sliding today.
Once again doubts over the U.S Economy created a stir in the oil market after figures from the Labor Department on Friday were disappointing to say the least. The data from the report showed that 120,000 jobs were created in March,falling well short of the 210,000 figure that was expected. Positive news coming out of the U.S, in particular data or reports that indicate strength in the U.S Economy tends to boost Crude Oil Prices.On the other hand, negative data as well as poor results will have a downward affect on the commodity as it loses demand.
Crude oil also came under strong pressure ahead of talks between Iran and global powers including China and the U.S.The talks are set to take place this week and will discuss Iran’s nuclear program.
Forex Market Analysis provided by ForexYard.
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