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Commodity Daily News
Crude Jumps to Near $88 a Barrel
Friday, 3 Dec 2010
Crude futures settled at a two-year high Thursday, jumping to $88 a barrel after better than expected release of U.S housing data. Light, sweet crude for January delivery settled $1.25, or 1.4%, higher on the New York Mercantile Exchange.
The decline in the dollar gave additional boost to the commodity as it is dollar denominated and therefore a weaker dollar makes it cheaper.
Today traders are strongly advised to follow the release of the U.S Non-Farm Employment Data and Unemployment Rate are released at 13:30 GMT as this indicator tends to have major effect on the USD pairs and dollar linked commodities such as crude oil.
