Crude oil saw a relatively peaceful session during yesterday's trading. Crude oil dropped to $73.70 a barrel by midday, yet rose back up to $74 as the trading day reached its end.
A barrel of oil lost about $10 of its value over the last month. Crude oil seems to be largely affected by the European uncertainty regarding the Greek deficit crisis. The worries of a possible slowdown in European recovery may damage the demand for energy, and thus decrease the value of oil. In addition, the bullish trend of the Dollar also has a negative affect on crude oil. Oil is valued in Dollars, and thus when the Dollar is boosted, crude oil tends to drop in response.
Looking ahead to today, traders should follow the main publications from the U.S. economy and the Euro-Zone, as they are likely to impact crude oil the most. Traders should also look for developments regarding the Greek debt crisis, as any development on this issue is likely to have a strong impact on the market.