Commodity Daily News

Crude Looks to Drop Below $60

Crude Oil briefly broke the $60 mark yesterday before bouncing back to close the day down at $61.41. Oil is now trending towards $60 and may continue its week long slide. Lower demand has fueled the losses, and a rash of poor economic data this week has not provided any support. The U.S. Non-Farm Employment report today is expected to show a poor performance and traders may not see very much upside to Crude today.


For now, OPEC has ruled out future production cuts, but comments today from Libya's head Oil official signaled the potential for an OPEC meeting prior to their regularly scheduled date.


Oil prices have more then halved since its July high amid the growing economic slowdown and show no signs of stopping. Traders today may look for Crude to break below the $60 support line.