Commodity Daily News

Crude Oil Prices Continue Dropping; $107 in Sight?

The prices of Crude Oil ended Wednesday lower as traders largely began to speculate an imminent reprisal from al Qaeda following Osama bin Laden's death. The result has been a moderate dip in stock prices, also weighing on the price of assets like oil, silver, gold, and a variety of industrial metals. The biggest gainers on the day were the Swiss franc and Japanese yen, making strides from the shift in sentiment.

Recent events have made speculating about oil prices more difficult. The plummeting value of the US dollar should have helped lift oil prices, but the commodity remains in free fall for the second consecutive day. Rising stockpiles in the United States, reported yesterday, may have helped fuel the shift away from oil as rising inventory tends to suppress price hikes. As for the rest of the week, oil prices actually appear on the downside, with targets near $107 a barrel in sight.