After dropping as low as $81.40 a barrel yesterday, crude oil managed to stage a mild comeback in evening trading. Prices were largely boosted due to the latest news regarding the formation of a Greek rescue plan. That being said, crude is currently stuck around the $83 level, a far cry from earlier in the week when prices were well above $84 a barrel.
Today, crude prices will likely be determined by U.S. economic news. If the American unemployment figure gives the greenback a boost, oil prices will likely fall as a result. That being said, if a disappointing unemployment figure is released, risk taking may return to the forex marketplace leading to a boost for the commodity.