Commodity Daily News

Crude Oil Plummets Below $68

Crude Oil's high volatility continues, and a barrel of oil has once again dropped below $70 in the past day, and currently stands at $67.93 in early Monday trading. Crude dropped last week on speculations that reduced demand and rising stockpiles in the U.S will lead higher supplies during the upcoming North Atlantic hurricane season. However, if the hurricane season isn't as many people expect, then the of Oil may actually plummet further.

The recent strengthening of the Dollar in the past week has also had a strong impact on Crude Oil prices. USD strength typically impacts Dollar-denominated commodities because it makes them more expensive for holders of other currencies. If the Dollar will continue to strengthen during the next few days, Crude Oil's recent dive in value may continue.