Commodity Daily News

Oil Prices Appear to be Consolidating Near $81.50

Despite the rumblings taking place throughout the forex market this morning, the price of Crude Oil appears little touched. Crude Oil has been experiencing a price consolidation trend towards the level of $81.50 a barrel. The trend appears to have become clearer over the last few trading days as the commodity has continued to trade in an ever narrowing range between $80 and $84 a barrel.

Oil prices respond rapidly to valuations in the US dollar, but this morning's spike carried little to no impact on the value of oil. This wasn't surprising, however, since the move was not large enough, nor sustained long enough to substantially affect commodity prices. This week's data, on the other hand, has the potential to shift commodity prices markedly, particularly Friday's Non-Farm Payroll figures, which always carry a large impact on the value of the buck.