Commodity Daily News

Crude Oil Resumes Bearish Behavior

Following a steep increase in the price of oil at the beginning of the day yesterday, the commodity turned bearish by afternoon trading and has yet so stop dropping in price. Currently oil is trading at $97.55 a barrel, down from $99.57 yesterday.

Analysts attributed the bearish behavior to the latest US Crude Oil Inventories figure, which came in at 1.7M, released yesterday. The high figure signaled that demand is weakening in the world's biggest oil consuming nation. As a result, prices began to fall.

Turning to today, traders will want to pay attention to any developments in Japan that may affect the marketplace. As investors continue to abandon riskier assets due to the turmoil in Japan, commodities such as oil are likely to drop further.