Crude Oil saw a very volatile session during yesterday's trading session. However, by the end of it, Crude returned to trade around $70 a barrel. Crude Oil began yesterday's trading with a rising trend, reaching the 71.33 level at the peak. Yet due to the poor data from the U.S, Crude Oil dropped to almost $69 a barrel just a few hours later. The combination of lower-than-expected Manufacturing figures and the surge of the weekly American Unemployment Claims has increased concerns that the global recovery is not certain, which has put downward pressure on Crude.
As for today, traders are advised to follow the leading publications from the U.S economy, in order to set their positions on Crude Oil. Traders should focus on the Non-Farm Employment Change, as its result is likely to have a large impact on today's trading, and bear in mind that a positive figure might have the potential to boost Oil prices once again today. It is therefore recommended that you open large positions in Crude Oil as soon as possible.