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Oil prices are recorded at a three-month low of $71.61 a barrel after the US Department of  Energy announced US stockpiles had risen by 1.9 million barrels, double the amount predicted earlier. Demand has not yet caught up with this sudden supply. Investors are speculating that fuel consumption will decrease in response to the European crisis.

It is also likely that this low is due to the ECB’s decision to buy foreign bonds, which artificially caused oil prices to rise last week from $75.11 to $76.80 a barrel.  Phil Flynn, a senior market analyst at PFG Best, likened this move to the equivalent of giving the market a shot of heroin , explaining that one the high wears off, the problem still remains.

The Euro also reached its lowest point ($1.28) against the dollar since 2008, causing prices of oil to fall. In intraday trading prices fell below $70 a barrel, prompting market analysts to predict that prices may continue to fall. If prices do fall below $70 a barrel, OPEC may cut production to keep prices steady.

We will soon start posting our own take of the commodities market.

But first, here is a nice report for today from FuturesMag.com. Use this to trade commodities on our site at Bull Options.