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Commodity Daily News
Oil Prices Meeting Resistance as USD Finds Strength
Tuesday, 12 Apr 2011
The price of Crude Oil has begun to undergo a downturn as market fundamentals turn in favor of currencies not linked to commodities. A general risk flight has also helped lift the US dollar, driving commodity prices lower in the short-term.
Traders should be wary of the market today as multiple news events out of Great Britain and the United States are expected to generate a significant level of volatility in the value of the Majors and commodities. Oil prices are coming under pressure after surging beyond $112 a barrel last week. If the USD continues its downturn, traders may want to expect the price of oil to do the same.
