Commodity Daily News

Crude Oil Price Decline Halts as EUR Finds Footing

Crude Oil prices dropped sharply towards $92 a barrel Monday as sentiment appeared to favor a downturn in global industry. The sudden halt to this downward movement came as a result of several forces Tuesday morning. Primarily leading the rebound in oil prices was a sense that risk appetite was on the rise and a favorable vote for an austerity budget in Greece could whip traders back into a buying frenzy on high-growth assets like oil.

Faltering dollar values may have also helped many investors pause on their short-taking positions on physical assets. Crude Oil witnessed a mild uptick in yesterday's late sessions while Gold and Silver began to largely see sideways movement. Should sentiment hold steady this week, oil prices may continue to find support near its current price, but with reluctance and weakness underlining any upward movement.