Crude oil prices inclined on lower US dollar as several bond auctions supported the high yielding assets to hold on to the gains, where the Greek bonds saw strong demand while yields retreated slightly; however, the pair surrendered then some of the gains after the European Central Bank reported that overnight deposits rose this week to all-time record.
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
