Commodity Daily News

Crude Oil Slumps on Release of Poor U.S. Data

The price of Crude Oil slumped by over 50 cents a barrel yesterday, to finish trading at $70.78 a barrel. This was due to several important factors, initiated by the release of poor U.S. economic data upon the opening of the U.S. market. As a result, the U.S. and global stock markets tumbled dramatically, leading to the sell-off of commodities such as Crude. The black gold was unable to recover thereafter.

In today's trading, all eyes will be looking to economic events coming out of the US. and Europe. However, the release of U.S. data is likely to have a higher impact on Crude Oil. It's a wise choice for traders to start opening-up their positions in Crude Oil prior to market volatility kicking-in as the trading day kicks in.