Commodity Daily News

Oil Prices Higher as Analysts Debate its Forecasted Direction

Crude Oil prices spiked yesterday as the US dollar weakened against a basket of currencies. After falling as low as $80.50 a barrel, the price of oil quickly ascended over $3 in value to currently trade at $83.71. The rapid price swings experienced by oil lately have many analysts at odds over the direction of crude prices.

With OPEC claiming that production is where it should be and oil fundamental picking up, many were expecting a steady range-trading behavior by oil. This expectation was shattered, however, as the USD began to plummet against all of its currency rivals and driving commodity prices higher. Expectations now appear confused as oil prices are continuing to reach upward.