Spot crude oil prices traded slightly higher yesterday, despite weakness in global equities and poor economic indicators.
The price of spot crude oil finished the day yesterday at $71.72, up from an opening day price of $71.15. Yesterday, Saudi Arabia reaffirmed its preference to a price range for spot crude oil between the prices of $70 - $80 a barrel.
Negative sentiment has continued in trading of spot crude oil as the commodity sold off sharply on Friday following the less than expected U.S. Non-Farm Payrolls data. The downtrend continued into yesterday's Asian trading session when the commodity reached a daily low of $69.51.
We may expect further bearishness from the commodity as sluggish economic growth and European fiscal concerns weigh on the price of oil. A breach below the $69.50 support level could drag the price of spot crude oil lower to the support of $67.00.