Commodity Daily News

Crude Oil Looks to Continue Bearish Correction

The price for a barrel of Crude Oil has begun a modest decline since January 3rd. The resurgent US dollar helps explain much of this bearish behavior. However, technical indicators also suggest that oil was anticipating a bearish correction to its latest surge regardless of USD values.

Should the greenback continue its bullish run after the publication of Non-Farm Payrolls (NFP) at 13:30 GMT today, Crude Oil prices will most likely remain in a bullish corrective pattern through the middle of next week.

If European data shows a continued slow-down in growth with today's publication of German industrial production and regional GDP, the price of Crude Oil will find additional resistance as fundamentals harken towards a decline in demand. Unless today's NFP data surprises with negative figures, traders should anticipate a bearish price of oil through the remainder of this week's trading.