Commodity Daily News

Crude Oil Prices Surprisingly Fall on Sudden EUR Surge

Oil prices fell below $98 a barrel this morning, surprisingly after the euro took off against its primary rival, the US dollar. 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. The sudden plummeting value of the dollar had many analysts assuming that oil would find support in this morning's trading, but that seems to not be the case.

With this morning's downward movement there is a chance that yesterday's decision point was reached today and oil bears are winning out. Whether oil traders decide to lift oil prices back from this recent plunge is yet to be determined, especially considering the strangeness of the inverse relationship to the USD yesterday. The greenback's decline may have a delayed effect today and oil traders may see the price bouncing back if that is the case.