Crude oil prices declined as market gained some momentum during Monday’s sessions after upbeat data from Germany, as the German exports inclined by 2.5% compared with the prior decline of 2.9%, noting that the trade balance showed a surplus of 16.2 billion euro better than expected in Germany.
However, the French president and the German Chancellor made slight progress regarding the new budget rules; however, they provided markets with nothing new and further details were not seen, therefore, the euro remained mixed after the news as markets are still waiting for details on how leaders will solve the debt crisis and how they will apply the new budget rules.
Now, eyes will be spotted on this 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.
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.
Originally posted here
