Commodity Daily News

Crude Oil Sharply Drops To $81.00 a Barrel

Crude oil saw a sharp drop during yesterday's trading session. Early in the day, crude was trading near $84.50 a barrel, marking a 5-month high. A sudden decrease in value took place early in the afternoon, pulling the commodity as low as the $81.00 level.

Crude fell yesterday after the U.S. dollar rebounded against the euro and the British pound. The dollar erased some of its recent losses following a better than expected weekly unemployment report. In addition, a daily decline in U.S. equities has added to the downward pressure on crude oil. As a result, the commodity erased most of this week's gains.

Looking ahead to today, traders are advised to follow the major economic releases from the U.S, especially the Non-Farm Unemployment data, which is scheduled for 12:30 GMT. This is the most reliable indicator of the U.S. employment condition, and tends to have a significant impact on the market.