Commodity Daily News

Crude Oil Halts Is Fall at $75 a Barrel

Crude oil dropped sharply during last week's trading session. Crude began last week's trading at $77.30 a barrel, and then promptly dropped to as low as $74.05 a barrel. However, the commodity managed to slightly correct its losses, and is currently trading around $75.00 a barrel.

Crude oil prices fell last week after the U.S. announced on Friday the restart of Enbridge's Line 6A pipeline, which carries up to a third of Canada's U.S. bound crude oil shipments. The expected larger amount of supplies has decreased demand for oil, causing prices to fall.

Looking ahead to this week, traders are advised to follow the main publications from the U.S. and the euro-zone, as those tend to have a large impact on oil prices. In addition, traders are advised to follow the U.S. Crude Oil Inventories report, scheduled for Wednesday, as it tends to have an instant impact on the market.