Forex Oil – Crude moves lower after the multi month high

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At the opening of the last Asian session of the week the Oil prices were rather steady, on the back of a 31 month peak of USD 113.95 per barrel at 16:00 GMT, taking advantage of the broader weakness of the greenback, after the lukewarm Bernanke speech. In the meanwhile the unrest in many Arabic oil producing nations continues for more than three months skyrocketing the prices of the black gold in the Western world. Apart from the dovish Fed comments on Wednesday and Thursday, a series of poor economic data depressed the already frail Dollar even more, as it slipped to a more than three years low against a basket of its major counterpart currencies. The poor performance of the US Dollar and the US economy made many investors to turn their interest to other assets, mainly to commodities. During mid Asian session the Crude Oil has lost some 39 cents to slip to a low of USD 112.47 per barrel, currently the price is rather steady at USD 112.50 per barrel, amid thin trade as Japan is off the markets today due to Showa bank holiday. The EURUSD pair holds strongly at the 1.48 levels as it is now trading at 1.4821, targeting the 1.4904 high of the 6th of December 2009, which consists and a good resistance level on the way to the 18 month peak of 1.5143, which is the midterm target.