Oil Recovers and Reaching over $76 a Barrel

30 November 2009 @ 04:48 am EDT

After a week in bearish trading, crude oil is beginning to recover some of its losses, and is currently traded at $76.60 a barrel. During last week's session crude oil reached a 6-week low, and dropped to the 72.40 level.

Crude Oil dropped last week on speculations that Dubai World, the United Arab Emirates' largest corporate entity, has gone into serious debt. This has increased worries that global recovery could halt, and thus decreased demand for energy commodities such as crude oil. However, the depreciation of the Dollar has supported crude oil prices close to the weekend.

As for the week ahead, traders are advised to follow the major news events from the U.S economy and the Euro-Zone as they have a great impact on crude oil's value. In addition, traders should follow the Crude Oil Inventories report on Wednesday, as it has proven to have an instant impact on the market.

For more forex information, go to www.forexyard.com

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