Commodity Daily News

Crude Oil Prices Continue Decline

Crude Oil prices dropped sharply towards $92 a barrel Monday as sentiment appeared to favor a downturn in global industry and expectations for unilateral action among members of OPEC.

Data releases out of Britain and Europe yesterday were driving many investors back into higher yielding assets as most reports suggested steady growth in global inflation and consumer spending. Sudden upticks in dollar values have helped many investors pause briefly on their short-taking positions on physical assets, however.

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 weak support near its current price, but the trend remains bearish so far this week.