By FX Empire.com
Crude oil prices rose on Friday, as the dollar slipped against the majors following the latest political developments in the euro zone, especially after tension eased in both Italy and Greece, in addition U.S economy broke the silence today with the latest estimate of consumer confidence for November, fueling hopes regarding the threatened economic recovery.
If truth be told, optimism was seen among the markets on Friday, as investors grew more confidenced that Italy will able to carry out a credible fiscal consolidation. While in Greece, the former ECB president Lucas Papademos sworn in as the Prime Minister on Friday, paving a way for the unity government to take place in Greece. Meanwhile, investors will be focused on Greece as the Greek government must endorse the 130 billion euro bailout to avert default.
The outlook for crude oil though has become highly uncertain, since the sentiment in markets has become the major market mover for crude oil prices, but overall, we still expect crude oil prices to remain under pressure, since signs of weak global growth continue to emerge. Moreover, the uncertainty that continues to surround the outlook of the European debt crisis could also put negative pressure on crude oil prices over the coming period.
Monday November 14:
We don’t have news from the United States, and accordingly, traders will be focused on the latest developments in Europe.
Originally posted here
