Commodity Daily News

Crude Oil Prices Still Falling, Can this Decline Continue?

The price of Crude Oil ended Friday significantly lower as traders largely began to pull out from their investments in physical assets while the US dollar made a rapid jump. The result has been a sharp drop in oil prices reaching as low as $96 by end of trading Friday. Will the fall continue through this week?

Recent events have made speculating about oil prices more difficult. The plummeting value of the US dollar through the early days of last week should have helped lift oil prices, but the commodity remained in free fall for the fourth consecutive day as of this morning. Rising stockpiles in the United States, reported Wednesday, 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 appear heavily leaning towards the downside, with technical support targets near $88 a barrel coming into view.