Crude oil continued to trade below the $77.00 level in overnight trading, as renewed fears about the pace of the global economic recovery kept prices down. Continued low prices are setting up crude for its first weekly decline in the last 3-weeks. With investors selling off their riskier assets, traders can expect oil prices to remain around their current levels at least until next week.
At the same time, should the U.S. news set to be released today, turn out to be positive, crude prices could go up as risk taking may return to the marketplace. Traders will want to keep an eye on how currencies like the euro and British pound react to the news later. If they begin to move up, there is a good chance that oil may move up as well.