Source: ForexYard
Despite Crude Oil’s gains towards the end of last week, the commodity during last weeks trading, saw no clear trend or any major movements.
At the end of last week,crude oil appreciated almost 0.8 percent to trade above the $103.00 level,although overall gains for the whole week were minimal.
There a number of news events on the economic calendar this week which could possibly affect the price movements of crude oil. Such events include the FOMC Meeting,U.S Home Sales and the U.S Jobless Claims Weekly Update.
News or figures from Canada will also play a role in price movements as the nation is strongly linked to crude oil. Canada’s Retail Sales report will be released this week which could affect the Canadian Dollar and as a result, affect oil prices.
Last week saw both the Euro and The Australian dollar strengthen against the U.S dollar, which had a positive affect on commodity prices. If these two major currencies continue to make gains over the greenback this week,it could have a positive affect on commodities, including the price of crude oil.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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