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Commodity Daily News
Bullish Streak Continues
Thursday, 7 Oct 2010
The price of oil rose to a 5-month high following the release of weekly crude oil inventory figures. The data report showed a large increase in overall stockpiles but a larger than expected drawdown in gasoline stocks. Also affecting the price of spot crude oil was a weakening dollar.
Traders will be eying employment data both today and tomorrow. Today's weekly unemployment numbers may be negative given the poor ADP Non-Farm Jobs data that was released yesterday. Friday will bring the Labor Department's Non-Farm Payrolls report. Expectations are for an increase of 3K. Traders should eye the high in May as a target of $87.
