US Dollar Strength Sends Crude Oil Near $100/Barrel

Crude oil fell near year-to-date lows, as presistent US dollar strength sunk the dollar-denominated NYMEX contract price. Recently bullish Crude Oil inventories, an OPEC supply cut, and fears over the impact of Hurricane Ike have not been enough to lift the downtrodden West Texas Intermediate futures price, and it seems as though oil is increasingly likely to test and break below the psychologically significant $100 mark. Falling commodity prices bode well for the US dollar, and a lower crude oil bill would almost certainly improve the recently-ballooned US Trade Balance.

[B]Crude Oil Technical Outlook[/B]