After falling below $70 a barrel in trading in Asia this morning, the price of New York crude climbed to $71.63 – a gain of two cents over Friday’s close.
“(One) factor that has depressed oil prices is the continuing strength of the US dollar against the euro,” said David Moore, a Sydney-based commodity strategist with the Commonwealth Bank of Australia.
“Fundamentally, oil markets are not particularly tight and so they were vulnerable to adverse sentiment and that is in fact what has occurred,” he told AFP.
According to Moore, prices are likely to fall further as the market is “in a period of volatility and considerable uncertainty.”
Source: AFP News
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