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Commodity Daily News
Crude Jumps above $78 a barrel
Friday, 16 Oct 2009
Crude Oil rose for a fourth day to $78 a barrel after jumping more than 3% yesterday on an unexpected drop in U.S. gasoline and distillate stocks. This helped Oil reach its third weekly gain, along with increasing optimism from the leading economies. It is right to day that the recent global equity rally and the weak USD have helped Crude Oil benefit greatly.
The second consecutive week of drops in stockpiles yesterday may help push prices to the $80 level, and the rise in Oil prices will likely continue throughout next week as well. Watch out for fluctuations in the USD and the strength of the global economy today, as these factors will directly impact the price of Crude Oil.
