NewsPreviousForecastAnalysisCrude prices start off the week with gains to halt the five day drop it witnessed last week, where in the early session it managed to trade below $78.00 per barrel. This comes subsequent to the rise in investors' risk appetite amidst the announcement made by European leaders, regarding the aid package offered to face the sovereign debt that has hit the region fiercely, specifically Greece.
Crude futures opened around $76.13 achieving its highest till now around $77.98 and lowest around $75.78 per barrel, where it is currently trading around $77.85 climbing by $2.48 from last Friday's session.
In addition, oil prices last Friday fell to their lowest shedding 13.00% last week alone, alongside the aggravated Greek budget deficit that played a major role in causing the euro to plunge to its lowest levels witnessed in over a year; thus, increasing the dollar's strength and negatively effecting oil prices. Also, investors' reduced risk appetite had a hand in the plummet stock markets witnessed last week.
Due to the European decision, crude prices ascended following the drop witnessed by the dollar index at its highest levels in a year, where it managed to record in the early session 83.17 after achieving its highest around 84.17 and lowest around 83.12, thus supporting market trading.
Meanwhile, in London Brent gained by 3.32% or $2.60 per barrel reaching $80.87 this morning; rising above last Friday's closing price around $78.27 per barrel, which plummeted by 2.00% from the previous day.