Commodity Daily News

Crude Oil Falls To $75.05 a Barrel

Crude Oil is trading near a one month low, as a barrel of crude oil is currently trading around $75.70. A barrel of crude oil was traded for about $80 when last week's trading took off, yet crude saw a sharp decline, and reached a weekly low of $75.05 on Friday.

Crude oil fell during last week's session as negative data from the U.S. economy has created concerns that the world's largest consumer of energy products will reduce its demand for fuel. Crude oil reached its monthly low following the disappointing U.S. Retail Sales. At the moment, crude oil continues to weaken as an early publication has shown that the Japanese economy has grown less than expected during the 2nd quarter, adding to concerned regarding a reduced demand for oil.

As for the week ahead, traders are advised to follow the main publications from the U.S and the euro-zone, as they usually have a large affect on crude oil's trading. Traders are also advised to follow the U.S. Crude Oil Inventories report on Wednesday, as this report tends to have an instant impact on oil prices.