Risk Aversion Leads to Modest Losses for Oil

The price of crude oil took modest losses during European trading yesterday, as concerns about the ECB's ability to combat the euro-zone debt crisis led to some risk aversion in the marketplace. Still, supply side fears due to tensions in the Middle East limited any losses the commodity took. Crude fell by just over $1 a barrel to reach as low $95.28 by the beginning of the afternoon session. Today, the price of oil could see volatility depending on developments in the ongoing conflict in Syria and tensions between Iran and Western powers. Should any developments result in additional supply side fears, oil could see significant upward movement as a result.

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