{"id":9138,"date":"2010-05-05T08:48:59","date_gmt":"2010-05-05T12:48:59","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9138"},"modified":"2010-05-05T08:48:59","modified_gmt":"2010-05-05T12:48:59","slug":"spot-crude-oil-prices-plummet-on-greek-bailout-stronger-dollar","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/05\/spot-crude-oil-prices-plummet-on-greek-bailout-stronger-dollar\/","title":{"rendered":"Spot Crude Oil Prices Plummet on Greek Bailout, Stronger Dollar"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; Spot crude oil prices tumbled yesterday over continued worries  following the Greek bailout and increasing fears that the financial  troubles will spread to other European nations. A stronger greenback  also contributed to the falling spot crude oil prices.<\/p>\n<p>At the close of yesterday\u2019s trading, spot  crude oil was trading at $82.34 from an opening day price of $85.80.  The price decline of 4% largely erased the previous 3-day price rally.<\/p>\n<p>Renewed concerns that the Greek debt crisis has yet to have been  secured helped to send the EUR\/USD to a 12-month high. This in turn hurt  the price of spot crude oil as crude oil is denominated in dollars. As  the dollar appreciates in value, crude oil becomes more expensive.<\/p>\n<p>Traders are concerned that a failure of the EU\/IMF bailout package to  contain the Greek debt crisis will slow European growth and future  consumption of crude oil. Rising fears that Spain may also seek aid also  weighs on Europe.<\/p>\n<p>This remainder of the trading week should be influenced by key data  releases. On Wednesday, the weekly crude oil inventories report will be  released by the U.S. Energy Information Administration. Expectations are  for an increase of 0.6M barrels of crude oil to be added to U.S.  supplies. This would be the third consecutive week of increasing U.S.  crude oil supplies.<\/p>\n<p>On Friday the U.S. Non-Farm Employment change will be released. A  positive outcome for this highly influential economic data piece could  spur crude oil buying. The next short term resistance level for spot  crude oil rests at $83.00.<\/p>\n<p><em><strong>Forex Market Analysis<\/strong><\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><strong>Forex                              Yard.<\/strong><\/a><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                              may not be suitable for all investors.  There    is  a              possibility      that     you   could  sustain a  loss   of  all   of    your         investment and       therefore  you        should   not    invest   money  that   you       cannot afford to         lose. You    should    be      aware of   all    the    risks      associated with     Foreign      Exchange    trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; Spot crude oil prices tumbled yesterday over continued worries following the Greek bailout and increasing fears that the financial troubles will spread to other European nations. A stronger greenback also contributed to the falling spot crude oil prices. At the close of yesterday\u2019s trading, spot crude oil was trading at $82.34 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/05\/spot-crude-oil-prices-plummet-on-greek-bailout-stronger-dollar\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Crude Oil Prices Plummet on Greek Bailout, Stronger Dollar&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9138","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=9138"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9138\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}