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Commodity Daily News
Crude Maintains Upward Momentum
Thursday, 5 Jan 2012
Crude oil maintained its upward momentum yesterday, despite some slight downward movement during mid-day trading. Oil was able to stay above the $102 a barrel level as tensions between Iran and the US stayed high. Investors are worried about crude oil supplies out the Middle East should the current situation between the US and Iran maintain.
Today, oil could see further price shifts depending on how the ADP Non-Farm Payrolls figure comes in. A positive number may increase risk appetite, which typically causes commodities like oil to rise. At the same time, a less positive number may cause investors to revert back to safe-havens which could cause oil to fall.
