Thu, 08 Mar 2012 23:00:00 +0000
Optimism regarding a Greek debt swap deal led to an increase in investor risk taking yesterday. The price of oil saw a brief spike as a result, following days of downward movement. Crude moved up over $1 a barrel yesterday, peaking at $107.08 during the European session. The commodity was not able to sustain its upward momentum, and eventually turned bearish during evening trading. As we close out the week, the price of oil could see further gains depending on the result of the US Non-Farm Payrolls figure. A better than expected figure could result in additional risk taking among investors, which could turn oil bullish once again. At the same time, should the figure come in below the forecasted 208K, investors could once again revert to safe-haven assets which may result in oil moving downward.
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