Commodity Daily News

Spot Crude Oil Breakout Anticipated by Investors

A steadily declining price of oil has many investors worried that a breakout is almost overdue. The price declined from roughly $84 a barrel down 11% to just under $75 a barrel over the past few weeks, but has recently leveled off into a consolidation trend on the technical charts, indicating a volatile price movement in the near future.

Some speculators would say that today's rate statement from the US Federal Reserve regarding interest rates is creating a high level of pressure in the Forex and commodities markets and the price of spot crude oil could potentially jump in price if the US Dollar takes a hit from today's news. If the EUR/USD is able to rebound, the anticipated breakout of Crude Oil may very well take place today with a price target back towards $80 a barrel being reached in the next few days.