Crude Oil Forecast Jan. 2, 2012, Fundamental Analysis
Crude oil prices declined on Friday though no data was released by major economies during the last trading day of 2011, as traders began to close their trading position, however worsening debt crisis in Europe has boosted risk made traders seek safe havens such as the U.S. Treasuries during the last days.
Now, eyes will be spotted on the upcoming year, and the performance of the European economy, especially after the ECB lent the European banks huge amount of money, and if that money will help the euro zone to continue recovery process amid big challenges.
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The outlook for crude oil prices remains generally to the downside, as persistent fears from the EU debt crisis and signs global growth is slowing are likely to keep crude oil prices under pressure, where traders will also continue to monitor the developments from the 17-bloc euro nation and the European leaders’ latest moves to contain the debt crisis.