Source: ForexYard
After a brief dip in value last week, the price of crude oil rose back up this morning. Fears regarding the possibility of Greek austerity measures not being passed drove prices down toward the end of last week. With the news of fresh measures being approved by the Greek parliament last night, crude oil has steadily gone up in value. Since the news broke this morning, oil has gained 94 cents to $99.61 a barrel.
Traders will also want to note the international developments that are effecting prices. These include the impending European embargo of Iranian oil. As the situation in the Middle East grows increasingly tense, there is a possibility that the price of crude oil will remain relatively high. Traders will want to continue monitoring developments in the region for clues as to the direction the commodity will take.
Forex Market Analysis provided by ForexYard.
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