FXS: Crude oil stabilizes, partially recovering on Wall Street open
FXstreet.com (Barcelona) - Crude oil futures have been trading sharply lower today, diving in early hours of the European session due to renewed euro zone jitters. Since the opening bell on Wall Street however, the crude contract for July delivery has stabilized pushing higher to where it trades currently at $73.24 a barrel.
Crude has been weighed down today after the ECB reported concerns over the health of the banking sector throughout the continent due to bad loans and securities. The news shook markets lower as investors flocked to the safety of US treasuries and dollar, pushing the EUR/USD to a fresh 4-year low. The pair has since stabilized slightly subsequently reducing the pressure on commodities and oil in particular due to a strong US dollar.
