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Crude oil dives down to $85.20 finding support

By FXstreet.com,  May 04, 2010, 05:56:00 AM EDT

FXstreet.com (Barcelona) - The crude oil contract for June delivery recently succumbed to downward pressure, dipping to an intraday low of $85.20. Crude found support at that level and is currently trading slightly above at $85.26 a barrel.

Crude has been facing bearish pressure since open based on a strong US dollar and higher expected US reserves. Moreover, any expected price support from the BP oil spill in the Gulf of Mexico has diminished as shipping operations were reported normal on Monday despite disruptions.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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