Many traders were not expecting much pressure to be on Crude Oil prices following the flare-up of 2 oil refineries in California, and the test firing of mid-range missiles in Iran, over the weekend, but the recent upward movement has left few inspired. Many analysts now claim that Crude Oil prices may indeed be in for more slumps as there appears to be little demand in the market to justify prices over $68 a barrel.
With prices hovering just under $67, this week's prominent employment data from the US - the Non-Farm Payroll report - may carry the biggest impact on oil prices. Last week's rise in inventories helped lower oil prices in the short-term, but longer-term implications may be carried by the growth, or contraction, of the world's largest energy consumer. It appears as if USD trends are going to affect Crude prices more this week than the few weeks prior and any indication of a continuation for USD strength may help lower the price of oil towards $60 a barrel in the near future.