Spot Crude Oil Price Moves above $80
February 22nd, 2010 Posted in Oil and Precious Metals
The price of spot crude oil jumped above $80 in the opening hours of the Japanese trading session. This is the first time since January that the spot price broke this threshold, building on the 4% bullish run the commodity experienced in last week’s trading.
Positive economic news has begun to influence the price of crude oil. In the morning hours of the European trading session, spot crude oil was trading at $80.15, after opening the day at $80.49.
We have noticed a large amount of traders taking long positions in the spot crude oil trading market in anticipation for a rally in the price. Many traders feel the market may begin to rally as new positive economic news is released. The news items traders will most likely be focusing on this week will be Wednesday’s U.S. New Home Sales numbers, the weekly crude oil inventory data release, and Friday’s Preliminary GDP.
Traditionally, the price of crude oil rallies during the months of February thru July. This is due to an expected rise in seasonal demand. But the price rally may not develop until the price of spot crude oil rises above the $83.90
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Tags: Commodities, crude oil price prediction, dollar, Forex Trading, spot crude oil, spot crude oil prices, spot crude oil resistance line, spot crude oil trading
