Crude Oil fell on Tuesday, ending at a seven-month low as Europe's debt problems revived risk aversion among investors and pulled the EUR and oil back from early gains.
A drop in the EUR against the dollar also has made oil a less appealing investment overseas. Crude is priced in dollars, so oil becomes more expensive for holders of other currencies when the dollar goes up. Analysts are concerned that the debt crisis could slow European economies and drag down demand for oil.
As for today, traders should pay attention to the U.S Crude Oil Inventories report scheduled, as it tends to have a large impact on Crude Oil's prices recently, especially for the short-term.