Commodity Daily News

Crude Futures Rise above $91 per Barrel

Crude Oil futures hit a two-year high Thursday, reaching above $91 a barrel as several economic data releases from the U.S. offered a brighter economic outlook for the world's largest oil consumer. The data, along with the Energy Department's report Wednesday that oil stockpiles fell for the third consecutive week, pushed oil prices to new highs ahead of the Christmas holiday.

Light, sweet crude for February delivery finished the week at $91.51 a barrel on the New York Mercantile Exchange, up $1.03 on the day. It rose to $91.63 earlier in the session, the highest price since October 2008.

With low liquidity and high volatility in the markets ahead of the New Year the next few trading days will be integral in seeing whether oil can hold above the $90 level.