Commodity Daily News

Crude Oil Prices Higher after Mid-Day Slump

Oil prices rebounded yesterday with the New York Mercantile Exchange session closing just above the $103 price mark. The price for a barrel of Crude Oil felt a sharp sting last week as the US dollar surged against its main currency rival, the euro. The price for a barrel of oil saw its feet pulled out from underneath it and flopped heavily to as low as $94 a barrel by last week's closing. Today's bounce in price, however, may see the price returning to a mark approaching last week's average.

The value of the US dollar versus the euro in recent trading has been holding steady near a three-day high near 1.4350, but oil prices continued to rebound strongly as traders price in an expected boost in consumption as the driving season kicks into high gear in the Northern Hemisphere. Should oil prices persist in their bullish uptick, traders may see some corrective resistance being met near the psychological barrier at $104. Rising USD strength could also help push the value back below $100 a barrel if today's economic calendar events push the pair lower once more.