Commodity Daily News

Crude Oil Prices Holding at $100

Oil prices held steady for a second consecutive day today, with the $100 price level acting as a firm footing for this commodity. The price of black gold has been trading within a consolidation pattern these past several days and traders are beginning to anticipate a breach sometime this week. Yesterday's flat movements help reveal the pressure mounting on oil prices, with buyers and sellers coming in with even trades.

The value of the US dollar versus the euro in recent trading has also continued dropping since yesterday, pushing towards a three-week low of 1.4375, which has helped hold oil prices from falling. With today's steady sideways movement, traders appear likely to see oil reaching a decision point sometime this week. Whether oil traders decide to lift oil prices from a buy-in on physical assets, or pull away from oil out of a perceived glut, is something traders will bear witness to this week.