Crude Oil Down 4% to $64 Amid Dollar Strength

A sharp drop-off in crude oil prices is one of the top stories today: the commodity has fallen about 4% today, most recently trading around $64.12. Traders are attributing the weakness to strength in the dollar and continued concerns related to the duration of the U.S. recession and its eventual effects on oil demand, spurred by last Thursday's worse-than-expected jobs number and unemployment rate.

Today's move lower continues a downtrend which started on Tuesday of last week, when crude oil traded as high as $73.38. Now down nearly 13% since Tuesday, crude oil is currently trading at a five-week low.

Strength in the dollar is also pushing other dollar-denominated commodities lower today; gold has fallen about $6, copper is down $7 to around $222, and silver is down about $0.18 to $13.22.

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