Monday, 1 Mar 2010 Crude oil continued to rose during last week's trading. As the trading week began, crude oil was traded for about $78.00 a barrel and after a jumpy session, crude oil was boosted, and by Friday oil was traded for over $80 a barrel.
Crude oil rose on threats by Iran, claiming that it could cut off energy supplies to the Euro-Zone. The threats were given due to Iran's controversial nuclear program. The tension in the Middle-East is usually a catalyst for rising energy prices, and news headlines regarding the Iranian nuclear plan conflict are likely to boost prices of crude oil. Another reason for the rising oil is the drop of the Dollar. The Dollar fell against most of the major currencies during last week. Oil is traded in Dollars, and thus when the USD drops, crude oil usually rises in response.
Looking ahead to this week, traders are advised to continue following the major publications from the U.S. and the Euro-Zone, as they are likely to impact the prices of crude oil the most. Traders should also follow the U.S. Crude Oil Inventories report on Wednesday, as this usually has an immediate impact on the market.