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Commodity Daily News
Crude Oil Fails to Rally with the Dollar
Tuesday, 17 Feb 2009
Coming on the heels of a large rally this past Friday, Crude Oil looked for price direction but could only find itself range trading. The price rally as seen from the impending approval of President Obama's economic stimulus plan was not strong enough to carry over into the new trading week. Surprisingly, today's price rally in the Dollar was also not enough to push Crude Oil higher.
More fundamental data that may hurt Crude Oil is due to be released on Friday as U.S. Crude Oil Inventories will be reported. It is widely expected for the inventories to increase amid the global economic slowdown. The price level of $30 a barrel doesn't seem so unreasonable any more.
