Price Of Crude Oil Has Fallen
As the price of oil is affected by the strength of the US dollar, and as the dollar made modest headway against the euro during Monday’s trading sessions the price of crude oil has fallen. However, traders at eToro and the world’s other Forex markets saw limited trading thanks to bank holidays in both the US and UK.
During Monday’s trading session on London’s ICE futures exchange Brent crude was trading at $114.68 a barrel, down by 0.3 per cent or 35 cents, while prices at the New York Mercantile Exchange were trading down by 43 cents or 0.4 per cent at $100.16 per barrel. Next week there’s to be a meeting of the Organization of Petroleum Exporting Countries, who are facing mounting pressure, from oil consuming countries such as Japan, to increase supply to help reduce prices.
Further worries regarding Greece and its debt repayments weighed heavily on the euro’s fortunes, which helped the US dollar continue its gains against the single European currency. The EUR/USD currency pair fell as low as $1.4258 late in the London trading session before recovering to the $1.4269 mark by the close of New York trading.
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