The markets have been dominated recently by the announcement from the Chinese government that they will permit more flexibility in their currency. As a direct result, the US dollar has fallen as its status as the worlds leading currency of choice comes into question.

As with most recent market moves, a weakening US dollar has translated into rising stocks, oil and gold prices. This is not particularly surprising when commodities like oil and gold are priced in dollars.

Looking more closely at the crude oil spread trading market, there is very good price support all the way through the $75 region. Although again that is not exactly a surprise when OPEC have been stating, for some time now, that their target price is $75 per barrel.

This said the continued failure to make much headway beyond $75, and the fact that every month is at least a dollar more expensive than the previous contract, is providing oil based inflation even though the 'headline' price is not actually rising. This effect can be seen in both the CFD trading markets and the futures markets. Over the last year buyers have paid the equivalent of 15% inflation on the price even though we are still at the same level as last August.

At current prices the commodity relies on supply problems to drive the market higher. However, the world's key producers are looking broadly stable these days and, with the world economy growing slowly, demand is not having a large impact on pricing. Given that it is unlikely that current world growth rates will cause oil shortages, the bulls will be hoping for political friction for progress from these prices.

So it looks like there is price support but also some resistance, even with a weaker dollar, to higher prices. Having said this, if the bulls do breach the $80 region, then the next target will be the highs around $86.

If you are looking to trade the crude oil markets then spread betting is often seen as a convenient option. With online spread betting you can trade both the US and UK Crude Oil markets. You can also buy and sell when spread betting, ie speculate on the oil markets to rise and fall. If you think US futures will drop then you can speculate on that.

Note though that if you do spread bet you can lose more than you initially invested. Like the warning notices tell you; Spread betting does carry a high level of risk. Before trading, please ensure that spread betting matches your investment objectives. Familiarise yourself with the risks that are involved. Where necessary, seek independent advice.

When spread betting there are plenty of positives though, for example, with companies like CMC Markets, when opening or closing a position with a financial spread betting firm there aren't any broker's fees.

Not only that but there are a large range of markets are on offer. Yes you can speculate on oil but you can also trade on a significant number of markets from popular indices such as the Dow Jones or FTSE 100, to the soft commodities like sugar, foreign changes markets and even interest rates.

Finally, a key advantage is that you do not buy or sell any actual shares, assets or resources; you are just spread betting on the future value of a market. This means that spread betting is tax free. There is no income tax or capital gains tax on spread bets (based on current UK and Irish tax law, tax laws can change).