Commodity Daily News

Crude Oil Prices Halt Decline as USD Falters

Crude Oil prices dropped sharply towards $97 a barrel Monday as sentiment appeared to favor a downturn in global industry and expectations for unilateral action among members of OPEC. The sudden halt to this downward movement came as a result of several forces Tuesday.


Data releases out of China, Britain and the US yesterday were driving many investors back into higher yielding assets as most reports suggested steady growth in global inflation and consumer spending. As investors sought higher yields, the value of crude oil, which was seen plummeting Monday, held steady just above $97 a barrel.


Faltering dollar values have helped many investors pause on their short-taking positions on physical assets. 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.