Commodity Daily News

Oil Prices Find Support at $98

The price of Crude Oil ended Tuesday mildly positive after finding support just below the $98 price mark. The result has been a steady price movement in oil prices these past several days with lows near $98 and highs of $100 a barrel.

Recent events have made speculating about oil prices more difficult. The plummeting value of the US dollar since Friday should have helped lift oil prices, but the commodity fell for the third consecutive day as of this morning. Rising stockpiles in the United States, reported Thursday, may have helped fuel the shift away from oil as rising inventory tends to suppress price hikes. As for the rest of today, oil prices also appear flat, with technical support targets near $98.50 a barrel possibly coming into view, and a target near $100 on the upside if the black gold is able to find buyers.