Commodity Daily News

Crude Oil Prices Steady Near $99 a Barrel

Oil prices held steady this morning with the $99 price level acting as a firm footing for this commodity. US oil stockpiles rose over 3 million barrels for the second week in a row last week, which had harangued the price of oil in last week's later sessions, but as of today the price of oil appears supported by market forces.

The value of the US dollar versus the euro in recent trading has pushed towards a five-week high near 1.4070, which originally hurt the value of oil. With today's steady sideways movement, traders appear likely to see oil reaching a decision point this week. Whether oil traders decide to lift oil prices from a buy-in on physical assets, or whether they decide to pull away from the black gold out of a perceived global oversupply, is a point traders will bear witness to this week. Make sure you are active in oil trading this week, it is expected to be more exciting than usual.