Commodity Daily News

Crude Oil Prices Continue to Decline

Crude Oil prices experienced another day of depreciation as the oft-traded commodity dropped slightly to $41 during yesterday trading session. Oil prices traded down for the second straight day. Much of the bearish movement in Crude Oil can be attributed to fears of a drop in fuel consumption due to poor economic outlook in the major world economies. Also Russia's resumption of natural gas flow to Europe via Ukraine helped ease tensions over heating oil and energy consumption.

With economic growth slowing in the U.S. and Europe, Crude Oil may continue to see a depreciating value. For now it seems that Crude Oil prices will continue to drop for as long as the global economy continues to bog down in recession. Traders are strongly advised to follow the USD against its major pairs and crosses in order to try to predict today's developments.