Oil Prices Going Back Down

Sharp falls in the markets following Moody's notice to reduce debt rating of the EUR area which also led to steep declines in commodity exchanges. The strengthening of the USD at the same time fuelled the downward trend in exchanges. Before the end of yesterday’s trading oil fell by 1.7% to USD97.80 a barrel, after opening trading the night before on the verge of USD 100 per barrel and  last week had jumped oil to  the USD resistance level of USD102 a barrel. Continuation of this trend may lead the black gold to the next support level which is still a reasonable distance at USD95.00.


EUR - USD 1.3170
The fall in oil is in direct proportion to the strengthening of the USD and  continues to strengthen against the EUR this morning after Moody's announced that it intends to review the debt rating of the EUR countries, affecting world markets and the EUR currency. The United States are expected to maintain Fed interest rates at a low of less than 0.25%, Attention will be focused on Bernanke 's press conference to try and find clues about the continuation of monetary operations of the Federal Reserve. Although there were no figures published USD jumped to a two-month peak against the EUR at USD1.3170, the support level for the EUR.



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