Crude Oil Lower On Strong Dollar

04 Dec in Blog, commodity consulting, commodity trading, crude oil futures, futures trading, heating oil futures, natural gas futures, option trading, seeryfutures, unleaded gasoline futures

Crude Oil Futures--- Crude oil futures in the January contract are currently trading lower by $0.80 at 57.56 a barrel as I have been recommending a bullish position from around the 53.15 level and if you took the trade the stop loss stands at 55.75, however in tomorrow's trade that will be raised to 56.32 as the chart structure will improve on a daily basis as the monetary risk will be lowered.

Crude oil prices are having a very tough time trying to crack the $60 level as unleaded gasoline has now hit a 4 week low in today's trade putting pressure on oil prices, however we are still trading above the 20 and 100 day moving average telling you that the short-term trend is higher.

The U.S dollar is up about 40 points in today's trade as that is also putting pressure on many commodity sectors as there is a lot red on the board in today's session as I will stay long & place the proper stop loss & see what tomorrow's trade brings.

Strong demand for crude oil and its products is the main reason why we are still right near a 2 year high as I don't think that is going to stop anytime soon as the Dow Jones has hit another all-time high in today's session as the Senate has passed the tax cut bill which I think eventually is bullish the commodity markets as well.






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