Commodity Daily News

Spot Crude Oil Prices Lower from Resurgent Dollar

Economic woes seem to be putting pressure on the price of Crude Oil lately. The transportation fiasco in Europe combined with depressed risk appetite has pushed safe-haven investments such as the US Dollar and Japanese Yen back into a bullish posture. The result is that commodity prices seem to be coming down off their recent highs. The price of spot crude has recently fallen from above $86 a barrel to as low as $83.20 as of this morning.

As with the forex market, should today's manufacturing and service data from the Euro-Zone come in better than expected, we could see a turnaround in the EUR, which will suppress the recent gains made by safe-haven currencies as well as help commodities pare some of their losses. Commodities traders should be on the look out for signals of a EUR recovery, which will likely lead to short term boosts in commodities such as Crude Oil.