Commodity Daily News

Crude See Steady Uptick in Price amid Risk Taking

Optimism that Greece would soon receive a second bailout package led to an increase in risk taking during yesterday's trading session. The news led to gains for the euro, which in turn boosted commodities, like crude oil. The price of oil often times goes up when there is a bullish euro, as the commodity becomes cheaper for international buyers. Crude spent much of the day yesterday hovering around the $100 a barrel level, up over $2 from the morning session.

Tomorrow, oil may be able to maintain its gains, providing additional positive euro-zone news is released. Traders will also want to continue monitoring the situation in Iran, as any further escalation in the conflict could cause the price of crude to go up further.