The plummeting price of Crude Oil over the past several trading days appears to have leveled off since last Friday. The spiking of oil prices these past several weeks concerned many traders about a suppression of the global economic recovery. Fundamental data appears to support a climb in oil prices, but this does not seem to be the case.
It is likely that positive growth in the US dollar yesterday, as well as general uncertainty about the rate of growth in a number of major oil consuming nations, has helped dampen oil demand, pushing supply higher. Another explanation could be the massive winter storms in North America creating a temporary pause in oil consumption as people are traveling less under the preventative environmental conditions.
Either way, it appears oil prices are on the decline heading into today's weekly close, but speculation may suggest a fundamental increase in value as demand appears to be on the rise going into next week.