Commodity Daily News

Crude Oil Continues to Rise as the USD Falls

With the US dollar consistently hitting fresh lows against several of its main currency rivals, crude oil has quickly become a solid alternative for investors looking for a safe investment. The commodity has seen significant gains as of late, and will likely maintain its high levels as long as the greenback remains down.

Today, should positive data from both the euro-zone and Canada cause the greenback to take further losses, traders can anticipate crude oil will increase its recent upward trend. At the same time, negative data may lead to a return to risk aversion in the marketplace. Should this occur, traders may want to go short in their crude oil positions, as a downward correction may take place.