Crude oil prices inclined following ISM manufacturing index which rose for the month of December to reach 53.9 better than forecasted 53.4, taking into consideration that the US data for November and December was better than expected till now, not to forget that holiday season strengthened economic activities in USA.
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
