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Commodity Daily News
Another Day of Falling Crude Oil Prices
The price of Crude Oil continued to fall during yesterday's trading session and closed under $55.00. Oil suffered a sharp drop in price during the month of November and has almost reached one-third its price from the record high seen in July 2008.
Traders should pay attention to U.S. economic indicators today, including U.S. Crude Oil Inventories, as these figures will indicate the status of Oil supply in the market. Moreover, worries that weakened international economic growth will depress Oil demand remains a key dampening influence on Oil prices. If the global economic condition deteriorates more aggressively, Crude Oil prices may extend their decline and fall towards as low as $50 a barrel. Traders should look to the USD as well as it has historically been a strong indicator for the direction of the price of Crude Oil.
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