Commodity Daily News

Crude Oil Drops To $71.52 a Barrel

Crude oil dropped for the second consecutive day today. Crude oil fell about 250 pips during yesterday's ‎trading session. A barrel of oil was traded for around $74.15 during yesterday morning, and dropped to a ‎daily low of $71.52 a barrel.‎

Crude oil prices fell yesterday as investors are concerned that oil demand in the U.S. will recover during ‎the second quarter of the year, following a lower than expected consumption in the first quarter. The U.S. ‎economy is the biggest oil consumer in the world, and recent reports have suggested that the U.S. ‎economic recovery is slowing down. It seems that for as long that until the U.S. economy will provide clear ‎signals of improvement, crude oil prices might continue to decline.‎

As for today, the U.S. Crude Oil Inventories is scheduled for 14:30 GMT. Traders are advised to follow this ‎report, as its publication tends to have an instant impact on crude oil prices. Traders are also advised to ‎follow the major publications from the U.S. economy, especially the ADP Non-Farm Employment Change ‎release.‎