Crude Oil Expected to Hit $76 a Barrel

By IBTimes Staff Reporter | February 09 2010 5:47 AM

The price of spot Crude Oil has apparently begun to mirror the consolidation movement of the US Dollar since Friday. The price of this commodity has begun to sit steadily near $71.50 and a number of analysts are calling for an upward price target near $76 in the short-run with longer-term expectations below $70 a barrel.

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Crude Oil's recent price movement has been less predictable than many were forecasting coming into 2010. However, as the greenback's strength returns from increased market optimism and a halt to the rise in unemployment, there is a chance that crude oil's price will more accurately reflect what is happening in the market in general as opposed to the contradictory movements we've seen lately. If the US Dollar does indeed break out of its consolidation trend, then it is very probable that Oil's price will inversely reflect the movement of the greenback.