Commodity Daily News

Crude Oil Prices Continue Plummet from Yesterday

Crude Oil prices dropped sharply yesterday with the New York Mercantile Exchange session closing just below the $98.60 price mark. Investors have turned their attention to the Organization of Petroleum Exporting Countries (OPEC) for its report on production levels as tensions in member state Libya continue to fester. Expectations are for a call by OPEC to boost output in its upcoming meeting in Vienna.

The value of the US dollar versus the euro in recent trading has dropped from its monthly low near 1.4550 but oil prices failed to find support as a result. With yesterday's sharp downtick during the later sessions, and this morning's continuation of that movement, traders appear likely to see oil reaching a bit lower as this week comes to an end - though a return to riskier assets could lift oil prices one more time if the market deems it worthy.