FXstreet.com (Barcelona) - Crude oil came back down from its morning peak in recent trading, paring the modest gains accrued since open. Currently the front-month crude contract is trading at $73.57 a barrel where it holds steady slightly below the opening price.
Crude was supported higher during the Asian session as the US dollar weakened ever so slightly, reducing pressure on dollar-denominated commodities across the board. What's more, API reported late yesterday a decline in inventories for the week ended May 28 pushing the price of oil higher this morning. Nevertheless, oil is finding it difficult to rise past current levels as uncertainties over the euro zone linger in the market. Sentiment was not helped by the recent news of an unexpected drop in European retail sales over the month as well as year.
