EU Worries Cause Crude Oil to Resume Bearishness

After hitting an eight-week high earlier in the week, crude oil resumed its bearish trend on Friday as euro-zone news caused investors to shift their funds to safe-haven assets. The price of oil fell by well over $1 a barrel over the course of the day, eventually reaching as low as $90.90 before recovering to close out the week at $91.51.

This week, oil traders will want to monitor any developments in the Middle East. The military-conflict in Syria combined with the ongoing dispute over Iran's nuclear program were the main reasons behind oil's bullish movement last week. Any escalation in either conflict may lead to supply side fears among investors which could result in oil resuming its upward trend.

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