Commodity Daily News

Crude Gains 1% on Krugman Remarks

Yesterday, Crude Oil gained 1% or 56 cents to close at $68.46. This was following remarks made by the Nobel Prize Winning economist Paul Krugman. He stated that the U.S. recession could end later this year. As a result, this signaled higher energy demand. This could be a ripe possibility as developed countries are continuously showing improved economist results each week.

The price of Crude may hit $70 a barrel in trading later today, if signs from the U.S. and global economy are positive. At the forefront of this will be U.S. Treasury Secretary Timothy Geithner's speech at 14:30 GMT. Additionally, traders are advised to follow statements by U.S. and European leaders, as they could add to volatility in the market.