Commodity Daily News

Crude Oil Prices Falling towards $90 a Barrel

Crude Oil prices met solid resistance Thursday, moving towards $90 a barrel in late trading as sentiment appeared to favor a mild dip in global manufacturing demand. Data releases out of the UK and Europe yesterday were driving many investors back into safer assets as most reports suggested contraction among the major industrial nations of the West would gain momentum. If proven accurate, the new outlook would have oil prices falling back into a bearish channel as demand decreases further.

As investors seek shelter, the value of crude oil, which was seen plummeting all week, may continue to do so before today's close. A sudden jump in dollar values due to this week's sudden return to risk aversion is expected to drive many investors into lower investments on physical assets; driving oil prices even further down. Should Crude Oil sentiment hold steady today, oil prices may see another slump.