Commodity Daily News

OPEC Breakdown Helps Crude Oil End above $100

The price of Crude Oil ended yesterday higher as traders largely began to push back into their investments in physical assets while the US dollar flattened out. A breakdown in talks between OPEC members in Vienna this week has also generated tension among oil speculators who are anticipating a delayed response to rising oil prices. The result has been a sudden climb in oil prices since Tuesday, reaching upwards of $100.50 a barrel this morning.


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's flat movement through most of the week had many withholding their investments in oil until clearer direction was provided. The OPEC spat, however, has made the investment environment around oil even less clear. Without some sign of production output agreement by OPEC, speculation is likely to drive prices into a stable range above $100 a barrel.