Commodity Daily News

Crude Oil Price Climbing; Strong USD in its Way

Oil prices have turned upward heading into this week, with the price elevating itself beyond $109 a barrel as of this morning. Continued fighting in Libya is partially behind the sell-resistance among global commodities like oil. Concerns about Japan's reconstruction, declining production, and ever-present nuclear crisis are also pushing economic fundamentals in a direction favoring the purchase of physical assets.

The only counterforce to enter the market at the start of this week, however, was a resurgent USD versus its main rival, the EUR. If the dollar can continue to make gains, buyers may begin to shift out of oil purchases as they become too expensive. Traders will be eyeing further events in the Middle East this week as the risk of crude oil supply disruptions could continue to spread throughout the region, especially as protests in Syria become more volatile.