Commodity Daily News

Oil Prices Continue Slide despite Canadian Pipeline Restart

The price of Crude Oil has been consolidating towards the $88 price level over the last week. News out of Canada regarding a pipeline restart was expected to halt the recent decline in crude prices, but appears to have had little impact. The latest movements have pushed the price from yesterday's high of $89.46 to a current price just over $87.80.

Positive economic data out of the United States has pushed the US dollar higher against its primary rival, the euro, leading to added bearish pressure to commodity prices. Precious metals like Gold and Silver also experienced a mild downturn in trading yesterday, suggesting the slide in oil prices were being driven by USD factors. Today's economic figures will likely have similar results. Traders should keep an eye on the American data at 13:30 and 14:00 GMT as this will likely drive dollar volatility today.