Spot Crude Plummets on Market Turmoil

By @ibtimes on

Concerns that the Greek deficit crisis will soon spread to other European countries has sent the price of crude oil spiraling down in the recent trading sessions. The price of crude has experienced its largest weekly drop since January 2009, largely due to what is happening in Greece, as well as the consistently rising level of U.S. inventories.

Currently the price of crude is fluctuating around $77.20. Depending on the outcome of today's Non-Farm Payrolls report, that price could drop significantly lower. Traders can assume that a better than expected payrolls figure, will likely lead to a drop in the cost of crude.

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