Crude Recovers Following Disappointing Chinese Data

The price of crude oil tumbled during Asian trading on Friday, following the release of a worse than expected Chinese trade figure which led to risk aversion in the marketplace. Oil dropped close to $2 a barrel to reach as low as $91.68. That being said, the commodity did stage an upward correction during evening trading and eventually finished out the week $93.29. This week, oil traders will want to pay attention to any news out of the euro-zone and its impact on risk appetite in the marketplace. In addition, any developments in the ongoing conflict between Iran and the West have the potential to create volatility in the price of oil.

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