FXstreet.com (Barcelona) - The crude oil contract for July delivery has been edging higher in early hours, reaching upward of $70.50 a barrel. Recent trading however sees crude dipping below $70.00 a barrel nearly paring the slight gains made since open.
Crude experienced strong volatility on Thursday, influenced by the overall market sell-off in equity markets and other commodities. The downward correction is due to ongoing instability in the euro zone as the euro currency attempts to stabilize after reaching a fresh 4-year low Wednesday. Moreover, lackluster economic data in the US has added extra worries of subdued growth prospects weighing on oil demand in the near-term.
