Categorized | ForexYard

Crude Oil Prices Steady Near $100 a Barrel

Posted on 30 May 2011 by ForexYard

Oil prices held steady this morning with the $100 price level acting as a firm footing for this commodity. US oil stockpiles rose a half a million barrels last week, beating expectations and helping to hold the value of light, sweet crude steady near its current mark. The price of black gold has been trading within a consolidation pattern these past several days and traders are beginning to anticipate a breach sometime this week.

The value of the US dollar versus the euro in recent trading has also dropped towards a nine-day low of 1.4300, which has helped support oil prices. With today’s steady sideways movement, traders appear likely to see oil reaching a decision point this week. Whether oil traders decide to lift oil prices from a buy-in on physical assets, or pull away from oil out of a perceived glut, is something traders will bear witness to this week.

This analysis is republished with permission from ForexYard. Their daily analysis can also be found at Daily Commodity News.

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