Commodity Daily News

Looking To Break 2 Month's Low.

Crude Oil is currently traded near a 7 weeks low, at $123.50 a barrel. The main reason for the continuation of the downtrend is most likely to be OPEC decision to increase its output by 200,000 barrels a day. The Organization of the Petroleum Exporting Countries which is in charge of over 40% of the world's oil supply has managed to halt the surging oil prices.
Another support for the slipping oil was the seemingly change in U.S foreign policy. U.S approach is now considered to be less aggressive towards Iran, looking to avoid a military conflict, and by so calming investors concerns from another violent episode in the Middle East.

As oil dropped for about $24 a barrel in two weeks, no signs for a solid change are noticeable, and Crude prices are widely expected to further descend.