Commodity Daily News

Crude Continues its Decline for 3rd Day

Crude oil for May delivery fell as much as 48 cents, or 0.6%, to $80.05 a barrel on the New York Mercantile Exchange yesterday. Oil prices fell for a 3rd day on week global equities and a strong U.S. Dollar. A stronger Dollar tends to weigh on commodities as it makes them more expensive for holders of other currencies. Continued discord among European leaders over the Greek rescue plan further pressured oil prices.

Supply of Oil remains high as Crude stockpiles increased 7.25 million barrels last week, according to an Energy Department report. Demand remains lagging which also pressures Oil prices.


In today's early trading, Oil levels have recovered slightly, to currently trade around the $80.70 level, consistent with the recovery in the EUR/USD pair. The developments in the Euro-Zone will likely determine Oil's movements for today.