|News||Crude oil continues its downward trend as the dollar strengthens|
|Analysis||Crude oil futures fell today as a stronger US dollar continued to push crude lower, and also the rising fears in the markets regarding the debt crisis in Greece and slowing global growth, thus pushing the prices further to the downside, in addition to the emergency reserves that the International Energy Agency decided to release.|
Crude prices fell today, as it opened at $91.13 a barrel recording the intraday high at $91.28 and the low of $90.00 a barrel and is currently trading around $90.03.
The Greek government will start today discussing the new austerity plan, in order to get the European support so it will avert default, as this crisis will sharply affect oil and the global economic stability. Athens will vote on the 28 billion austerity plan on Wednesday and the implementation on Thursday as the German finance minister Wolfgang Schaeuble warned on Sunday that Greece will not receive its next tranche of international aid unless the plan is approved and applied.
Crude oil fell last week after the IEA said that it will provide 60 million barrels available over a 30 day period which is more than the daily loss of Libya’s 1.2 million barrel per daily output and half of which will come from the US Strategic Petroleum Reserves.
The market is correcting ahead of the US economic data from that is expected to show a sluggish growth.
USDIX index opened today at 75.54 recording the highest at 75.98 and the lowest at 75.53 and is currently trading around 75.82.
Brent slipped below $104 today, extending last week's losses.