Commodity Daily News

Oil Prices Consolidating Near $82.50

Crude Oil prices have descended somewhat over the past 24 hours. Commodity markets spiked mildly on Friday as the US NFP report disappointed with a sharp decline in American employment. The corresponding drop in the US dollar helped push the price of oil over $84 a barrel.

The consolidating price behavior for Crude Oil over the last day could represent a minor break in a long-term uptrend for oil prices. Industrial growth is underway, albeit slowly, and commodities like oil are beginning to find fundamental support from market optimism and mild growth. If the dollar continues to fall, even with quantitative easing measures from the Fed, then oil price should see a steady rise with a target near $88 a barrel in the next few weeks.