Commodity Daily News

Oil Prices Expected to Range-Trade between $80-86 a Barrel

Oil prices continue to float between $80 and $86 a barrel. The commodity has been range-trading between these levels for the past two months and analysts are claiming that this behavior may remain unchanged this week. The reasons are due to the offsetting situation where the United States appears poised for growth whereas the euro zone continues to face debt concerns which will likely mute growth and decrease demand for oil.

The push and pull of these market forces is likely to hold oil prices within the current range. The latest trend of the US dollar may become a factor in today's trading, however, since last Friday's uptick in the USD may result in pushing oil prices down towards the $81.00 level later today. This is especially true as no significantly impactful news is expected from either the euro zone or the US today, which means current trends should continue.