Crude oil prices tumbled Monday, giving back most of their big gains from the previous two sessions.
Fundamentals remain poor for crude oil — a global supply glut, weak demand and stronger dollar drove prices to a 12-year low last week.
Today, March oil settled at $30.34/bbl on Nymex, down $1.85, or 5.8%.
There were no real catalysts for Friday’s rally other than pent up buying interest and some bargain hunting.
The Federal Reserve meets this week to determine monetary policy, and are widely expected to keep rates unchanged following December’s modest hike.
The material has been provided by InstaForex Company – www.instaforex.com