Source: ForexYard
Crude oil declined steeply on Tuesday, despite the USD not gaining as much strength as some analysts predicted. For most of Tuesday afternoon, oil sat at the 106.23 mark which marks a significant drop from Monday. The U.S. did indicate that as of last week its crude oil inventories had risen by close to two and a half million barrels. With demand down from the EU and China, this has led crude oil’s most recent drop.
Heading into Wednesday, the U.S. will release existing home sales and we can expect to hear from Fed Reserve chair Bernanke. Both should be a good indicator of overall economic health in the U.S. Naturally, with any good news from the U.S. investors may very well react positively and further invest in the greenback.
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