By FX Empire.com
Crude oil prices were slightly higher on Monday, as investors are focused onItalyandGreece, where the political instability in the nation is stalling the reform which is forcing the nation to remain vulnerable to speculation and market pressure which already sent its borrowing costs to record. The G20 leaders pressed Silvio Berlusconi to act quickly as he agreed to allow the monitoring of EU and IMF to the reforms to ensure their swift implementations.
The focus remains on Europe and the ongoing crisis as the finance ministers meet in Brussels and their decisions undermined by the ongoing uncertainty in Greece and now Italy.
Moreover, jitters from Europe continued to dominate the global scene on Monday, where traders were still concerned that Greece could be heading into a disorderly default, and that possibility that the debt crisis could spread into other nations in the euro zone region.
Traders will continue to monitor the developments from Europe regarding the debt crisis, especially amid the lack of major economic data from the United States, but overall, we expect crude oil prices to remain under pressure.
Tuesday November 08:
No economic data is scheduled for release from the United States.
Originally posted here
