Commodity Daily News

Oil Price Dips Below $96 a Barrel

Crude Oil prices dipped yesterday, reaching as low as $95.60 in late trading. Interest rate differentials have dropped from sight while industrial output and inflationary data revealed mild weakness in Europe and this has so far led several large investors and analysts to consider a shift away from the EUR and physical assets in exchange for the safety of the USD and JPY.

As investors sought safety, the value of crude oil, which has been seen holding steady most of the week, dipped to a weekly low of $95.60 a barrel. A sudden jump in dollar values due to this week's risk sensitive environment has helped many investors move hesitantly away from assets like oil. Should Crude Oil sentiment hold steady this week, oil prices may continue to take losses going into the week's final hours.