Commodity Daily News

Bullish Report Spurs Crude Oil Price Increase

A bullish crude oil research report from investment bank Goldman Sachs helped to spur gains in spot crude oil prices. The bank is known for making recommendations in the commodity markets as a bullish report in 2008 calling for $200 barrel oil helped to increase the frenzy in commodity markets.

Goldman raised its forecast for West Texas Intermediate crude to $108 from $100. This helped to spur gains in spot crude oil prices. Yesterday the price rose as high as $100 before retreating back to close the day up at $98.77.

The rebound in yesterday's “risk-on” trade combined with the bullish crude oil report helped boost crude oil prices but traders may want to remain cautious as future price moves should be influenced in particular by the European debt crisis and any impact this may have on global growth expectations.