Commodity Daily News

Reduction of Imports by China Drags Oil Prices Lower

Crude Oil prices dropped moderately towards $95.60 a barrel Monday as sentiment appeared to favor a downturn in global industry alongside a slump in demand. Data releases out of Europe and the US last week are still driving many investors back into safe-haven assets as many reports suggested a surprise downtick in growth among global industrial output and consumer spending.

As investors sought safety, the value of crude oil, which has been seen rising since the middle of last week, fell to a weekly low of $95.60 a barrel. A sudden jump in dollar values due to this week's risk averse environment has helped many investors ram up their short-taking positions on physical assets. Should Crude Oil sentiment hold steady this week, oil prices may continue to meet resistance.