Commodity Daily News

Crude Oil Tumbles on Bullish Dollar and Gaza War Conclusion

The price of Crude Oil tumbled $1.50 yesterday, to close at $40.85 as the Israel-Gaza crisis draws to a close. The reason why Crude has declined dramatically ahead of Barack Obama's inauguration is due to the de-escalation of tension in the Middle East and the strengthening Dollar as of late. It is important to note that despite the optimism of Obama, Crude prices continue to drop.

The Obama factor is also supported by the strengthening Dollar. For example, the bullish Dollar as expected led to a rapid decline in the price of Crude Oil since yesterday morning. Therefore, Crude Oil is likely to continue to decline with the anticipation of analyst's predictions. This is especially so as the Israel-Hamas War ended. Thus, less war and a rising Dollar should lead to falling Oil prices. By the beginning of next week, we may see the price of Oil start accelerate its decline as the Obama euphoria dies down.