By FX Empire.com
Crude oil prices settled on Friday, where better than expected leading indicators from the United States overshadowed ongoing fears from the European debt crisis, where traders expect the euro zone debt crisis to weigh down on economic growth in the euro zone area. Nonetheless, optimism spread after yields on Italian and Spanish bonds retreated on Friday, where the ECB bought bonds in the secondary market to ease fears from the sovereign debt crisis.
Traders will continue to monitor the developments from Europe regarding the debt crisis, where the uncertainty that is surrounding the outlook of the EU debt crisis and its possible negative impact on economic growth in Europe is likely to put crude oil prices under pressure over the coming period.
Monday November 21:
The United States will join the session at 15:00 GMT with the existing home sales figures for October, with expectations that the existing homes sales could have retreated to 4.80 million houses from 4.91 millions. In addition, the monthly existing home sales index could show that sales dropped by 2.2% from the previous drop of 3.0%.
Originally posted here
