Commodity Daily News

Crude Oil Snaps 3-day Win Streak

Spot crude oil prices fell yesterday as traders reduced their exposure to risky assets. This snapped a 3-day streak of rising prices for the commodity. Pushing the price of crude oil down were weak equity markets and lackluster consumer data released from the US.

The price of spot crude oil fell to $74.05, following an opening day price of $75.16. At one point in the day the price of spot crude oil fell to $70.77, the lowest price the commodity has traded since early June.

Traders will want to eye tomorrow's CB Consumer Confidence index, along with Wednesday's weekly crude oil inventory data. These two data pieces will be the main influencers this week. Traders should also be mindful of movements in the major equities indexes, such as the Dow Jones Industrials Average. Lately spot crude oil prices have been taking price moves from fluctuations in the equity markets. The next resistance level for spot crude oil rests at $75.50.