Crude Oil prices saw a sharp drop during last week's trading session. After several weeks of consolidation above $80 a barrel, crude oil dropped below this mark for the first time in almost 2 months.
Spot Crude Oil's bearish trends came mostly as a result of the Greek's fiscal crisis. The concrete concerns regarding the possibility that the Greek crisis will expand and impact the rest of the Euro-Zone have created speculations that oil demand will decline. In addition, despite the positive U.S. Non-Farm Employment Change, the Unemployment rate unexpectedly rose to 9.9%.
This was enough to add to woes that the U.S, the largest energy consumer, might not increase its demand for oil in the near future. As a result, crude oil continues to tumble, and is currently trading at $76.50 a barrel.
Looking ahead to this week, traders are advised to follow the major news events from the U.S. and the Euro-Zone, especially regarding the Greek rescue package, as these seem to have the largest impact on crude oil prices.