Commodity Daily News

Oil Declines for 5th Consecutive Trading Session

Spot crude oil prices continued their decline yesterday. Causing the drop in the price was weaker than expected Japanese GDP data and a slumping U.S. dollar. This was the 5th consecutive drop in spot crude oil prices. The recent declines have amounted to more than $5 in the value of the commodity.

The price of spot crude oil ended the day at $75.50, after opening the day at $75.62. The price reached a low of $74.86.

The low for the day coincides with the short t term trend line that begins on May 25th. This is the 3rd point of contact the price has made with the trend line, making this a significant trend line.

Resistance for spot crude oil is found between the current price of $75.50 and $76.00. A breach above $76 may be an opportunity to go long on the commodity with a price target at the next resistance level just below $80.