Commodity Daily News

Crude Oil Price Dips on News of Bin Laden's Death

Crude Oil prices ended Monday lower on the day as traders largely began to speculate a scaling back of US involvement in the region would affect oil prices over the long-term, pushing down on commodity values. After climbing towards $114 a barrel last Friday, the price of oil moved bearish today, declining to as low as $111.10 before finding mild support.

As for today, crude oil traders may want to consider that commodities, which are linked to the value of the US dollar, are likely going to continue receiving a boost in the immediate future due to recent monetary policy statements out of the US. Hawkish statements about economic growth may suffice to hold prices stable between $112 and $115, but many speculators are beginning to anticipate another bull run in commodity prices.