By FXEmpire.com - Analysis and Recommendations:
Crude Oil is currently $104.67 a barrel on the New York Mercantile Exchange. It traded as high as $105.44 at a nine-month high Tuesday, pushing over $105 a barrel on fears of more supply disruptions from Iran’s latest move and as traders cheered Greece’s second bailout.
The supply concerns took hold after Iran announced Monday it cut off oil sales to the U.K and France. Separately, European authorities agreed on a Greek bailout package earlier Tuesday.
U.S. markets were closed Monday for the Presidents Day holiday, and Tuesday was the first U.S. floor trading day to react to both crucial events for the oil trade.
Economic Events: (GMT)
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