Crude oil prices skipped the $100 level Tuesday amid concerns of oil disruptions after Iran threatened to stop the Strait of Hormuz oil lane to west should Iran face more sanction over its nuclear potentials.
Keeping in mind, sentiments will start to shape as investors remain cautious ahead of the New Year’s holiday but traders will be mostly concerned about the latest development from the 17-bloc euro area.
The outlook for crude oil prices remains generally to the downside, as persistent fears from the EU debt crisis and signs global growth is slowing are likely to keep crude oil prices under pressure.
Traders will also continue to monitor the developments from the 17-bloc euro nation and the European leaders’ latest moves to contain the debt crisis, where we expect volatility to persist during the sessions this week.
Originally posted here