Commodity Daily News

Crude Oil Prices Sliding on Slowing Demand Outlook

Crude Oil's value entered a price slide this morning with the $90 price level approaching at a faster pace than last week. Data releases out of the US today are driving many investors away from physical assets in expectations of a decline in growth among the world's largest economy. Manufacturing sluggishness is driving more than a few investors into a state of bearishness on the black gold as demand outlook appears to be slowing.

The value of the US dollar versus the euro in recent trading has also risen towards a six-day high of 1.4115, which has helped push oil prices lower. With today's steady downward movement, traders appear likely to see oil rebounding mildly over the next twenty-four hours as technical traders test the current price level, but little seems to be in the way of further decline this week.