The price of spot crude oil plunged this week after the dollar climbed to an 8-month high on European sovereign debt concerns and a better than expected U.S. jobs report. Fiscal problems in the nations of Greece, Portugal, and Spain threaten to disrupt the recovery of the European economy and affect the future demand for crude oil.
Despite the U.S. jobs report that showed a drop in the unemployment rate to 9.7%, crude oil prices found little support.
Spot crude oil prices finished Friday's trading at $71.79 after opening the day at $73.71. Prices were down 1.3% for the week.
Traders this week will be focused on the developments in Europe surrounding the potential for a bailout of the struggling nations. The commodity markets need somewhat of a fundamental boost in order to find some support that has been lacking in the previous week.