Price Of Crude Oil Continues To Decline
Commodities traders at ForexYard saw the price of crude oil continue to decline as concerns continue to grow regarding the state of economic fundamentals in Europe, even in light of the EU/IMF bailout proposal for Greece. Investors in the Euro zone are now facing concerns over the risks of inflation and slow growth across Europe.
Not only is the continuing uncertainty in Europe causing the price of crude oil to fall but the ever-strengthening US dollar is also pushing down the price of crude oil. The US dollar has been making strong progress following a week of encouraging data releases including better than expect jobless claims figures.
The crude oil contracts for June deliveries are currently trading at $73.45 a barrel, which is down nearly 0.7% since the markets opened this morning. This is the lowest trading value for crude oil since February. It is believed that the next support levels for crude are at $73.20 and $71.99 with resistance levels at $76.03 and $77.65.
The crude oil markets are currently making big bucks for commodities traders in the know, with an easily definable downward trend apparent. Traders of oil at brokers such as ForexYard have been placing trades against the declining oil markets all morning with news of the strengthening US dollar continuing to push the price of ‘black gold’ down.
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