Source: ForexYard
Crude oil is staying steady today following last week’s gains. As of this morning, Brent crude oil is trading at $106.88. Investors are keeping an eye on crude oil given the recent gains made by the USD seem to be retracting thus far this morning. Despite the recent slump by the USD, some analysts believe that we me have already witnessed the peak of crude oil’s recent surge. Various factors around the market are contributing to the notion that we may possibly be seeing a surge before a steep drop. For example, the recent news out of China regarding its shrinking manufacturing sector and overall weakened growth rate has pushed down demand for crude oil. Countries across Europe have also been reporting a shrinking demand for oil, which could inhibit any further rise.
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