Commodity Daily News

Oil Prices Steady at $74 a Barrel

The price of Crude Oil appears to have flattened out since last Friday's Non-Farm Payroll data. Many market participants were pricing in an expectation for a surge in the USD, and therefore a plummeting price of oil, following Friday's NFP data. Since disappointing data wasn't delivered, and risk appetite remained steady, commodity prices also seem to have remained stagnant following the release.

As of this morning, the price of a barrel of Light, Sweet Crude Oil sits at $74.00. As this level represents a significant psychological price level, a sudden price breakout in either direction will likely provide signs of the next trend. For the moment, however, most investors are waiting to see what the Bank of Japan (BOJ) will do with its currency valuation and interest rates since that appears to be today's lead story.