Commodity Daily News

Crude Oil Falls from 2-Year High

Spot crude oil prices were quiet today, trading in a tight range and finishing the day relatively unchanged. The commodity was unable to make a move in either direction as conflicting economic reports held spot crude oil prices in check.

The price of oil finished the day at $84.80, up from an opening day price of $84.61. Prices are off of last week's high when the price of spot crude oil climbed to its highest level in two years.

Earlier in the trading day, the US released positive retail sales numbers that had traders putting in solid bids for crude oil. However, traders were dissuaded from placing too large of positions with the release of a worse than expected Empire State Manufacturing Index.

Today traders will be looking to the TIC Long-Term Purchases report along with the German ZEW Economic Sentiment report for direction. Wednesday will bring the release of the weekly US crude oil inventories report.

Support and resistance levels for spot crude oil come in at $80.40 and the high from November 11th at $88.62.