Commodity Daily News

Oil Prices Stronger on Weakened USD

Crude Oil prices experienced steady growth over the last 24 hours as the value of the US dollar sank. Expectations among analysts are for a move by the Fed to devalue its currency through an asset purchasing program, in essence releasing more dollars into the market. Commodity prices have gained support as a result.

The price of a barrel of oil climbed to $82.57 yesterday, and looks to be continuing higher as of this morning. It appears analysts are expecting a rise in commodity prices to coincide with the greenback's fall, leading up to the day of the announced monetary easing program by the Fed. The boost in oil prices has helped contain some of inflationary concerns in countries like Britain, but don't appear to be enough to combat other growth concerns in many of the more developing countries.