Crude Oil Sees Minor Gains in European Trading

The price of crude oil saw minor gains during European trading yesterday, following its drop to a six-week low during the Asian session. After reaching as low as $90.94 during early morning trading, crude was able to stage a brief recovery which brought it above the $92 a barrel level by the afternoon. Today, crude traders will want to note that if risk aversion continues to dominate market sentiment, the price of crude may extend yesterday's losses. Attention should be given to higher yielding currencies, including the EUR and AUD. If they see additional bearish movement today, so might oil.

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