Crude Oil Trades Below $38 on Slowing Global Demand
Posted on 16. Feb, 2009 by admin in Crude Oil
The price of Crude Oil broke through a number of significant barriers last Friday. Starting the day just above $36 a barrel, the price then cut through the $35 and $34 price barriers before climbing back up $3 higher by market close. This week, the price of Crude appears to be back on the downward slide as the price has already fallen over $0.40 towards the $37 a barrel price range.
The strengthening of the USD from last week’s passage of Obama’s economic stimulus bill helped push the value of this commodity lower towards the end of the trading week. With more news on the way regarding the signing and implementation of this bill, the USD is likely to appreciate throughout the coming days, putting further downward pressure on the price of Crude Oil. Traders may in fact see the price of Oil drop to as low as $30 a barrel by week’s end.
