The strengthening US dollar has been putting steady pressure on the value of commodities this past week. Spot crude oil prices have been falling since August 6th, and little news events appear to be capable of slowing this movement. Most forecasts this week are predicting a continued decline in market sentiment, pushing more and more traders into safety assets like the greenback. As a result, the price of commodities, such as oil, is expected to remain in a bearish pattern.
With the price currently hovering just under $73 a barrel, down from as high as $83 a barrel, the market would require a sharp reversal in recent data to bring the price of oil back towards the $80 mark. As already mentioned, without such momentum-shifting news, oil is likely to persist in its downtrend.