Crude Oil continued to fall from its recent high of $92.80 a barrel, and is currently trading near the $87.40 level. Crude began this week's trading session the same way it ended last week's session, with falling prices. The price for a barrel of oil also slid yesterday as tensions in Egypt appeared to ease. It seemed as if the expectations that Egypt's political turmoil would affect oil flows in the region have diminished.
In addition, U.S. crude oil inventories will likely show that stockpiles rose for a fourth consecutive week, contributing to the weakening oil prices. Analysts estimate that domestic stockpiles rose by 2.4 million barrels last week. This inventories figure will be released on Wednesday.
As for today, traders are advised to follow the economic releases from the U.S. and euro zone as these tend to have a large impact on crude prices. Traders should also take under consideration that as long as the tensions in the Middle East continue to ease, crude prices might face further declines.