Oil Tumbles during Evening Trading

After steadily gaining throughout the European session due to increased tensions in the Middle East, the price of crude oil tumbled during evening trading yesterday. Crude advanced more than $1 a barrel to peak at $94.11 before staging a downward correction to trade as low as $92.09. Today, the price of oil is forecasted to once again see heavy volatility, as a batch of significant US data is set to be released. If any of the indicators come in above expectations, risk taking could help oil recoup some of yesterday's losses. Furthermore, any positive US data could signal to investors that demand in the world's leading oil consuming country could go up, which may also help oil turn bullish.

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