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Commodity Daily News
Crude future rally on Market Optimism regarding Euro-Zone Debt Crisis
Wednesday, 28 Sep 2011
Crude rose by close to $3 Tuesday as optimism regarding an imminent resolution agreement on steps by European Leader in resolving the debt crisis bolstered demand for commodities.
Crude oil for November delivery advanced $3.60, or 4.5 percent, to $83.84 a barrel.
Continued market optimism will likely support Oil prices at current level, however, a return to a bearish mode may see Oil below $80 a barrel again. Traders should follow the news releases from the US and Euro-Zone as to gauge market sentiment.
