Commodity Daily News

Crude Oil Prices Look to be Consolidating near $100

The price of Crude Oil ended Friday flat as traders largely began to push back into their investments in physical assets while the US dollar made a rapid plummet. The result has been a steady price movement in oil prices these past several days with lows near $98 and highs of $103 a barrel.

Recent events have made speculating about oil prices more difficult. The plummeting value of the US dollar since Friday should have helped lift oil prices, but the commodity steady fall for the fourth consecutive day as of this morning. Rising stockpiles in the United States, reported Thursday, may have helped fuel the shift away from oil as rising inventory tends to suppress price hikes. As for the rest of today, oil prices also appear flat, with technical support targets near $99.50 a barrel possibly coming into view.