At the beginning of the week, crude oil reacted positively to the news from Libya and Norway, but we are currently observing nearly 7% downward move from the perspective of the last several dozen minutes. There is speculation among market participants about the increasingly visible destruction of demand, which is to be illustrated by the considerable drop in demand for marine fuel in the first and second quarter of this year. The second thing, of course, is the strong dollar, which makes commodities even more expensive. Gold also reacts negatively to the strong dollar.
Crude oil was trading near $110 a few dozen minutes ago, and now the price it is approaching psychological $100.00 level and is trading at its lowest since June 22. Source: xStation5
