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Crude Oil Price Maintains Downward Momentum
With the economic slowdown in full swing, the price of Crude Oil has seen its lowest price in almost 2 years! The decrease in demand for energy has the price of this valuable commodity on a steady downward slope. Currently sitting near the price of $56 per barrel, Crude Oil prices are appearing to potentially level off this week, especially if the value of the USD receives negative news powerful enough to send its value lower.
The US Crude Oil inventories figure is set to be released later this week, but this indicator will not tell investors too much about the state of Oil supply as this factor plays less of a role lately than the value of the USD. As the International Energy Agency (IEA) cut its prediction for global Oil consumption recently, hedge fund managers began going short on their Crude Oil positions. This negative price speculation will likely result in a continuation of Oil's bearish movement throughout the week, given the value of the USD remains strong.
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