Commodity Daily News

Crude Oil Bounces off 7-Week Low to reach $82.45 a Barrel

Crude oil saw a significant bullish move on Monday's trading session, reaching as high as the $82.45 level on optimism that European policymakers will tame debt crisis.

Crude rose 2.8 percent following the biggest quarterly decline since the Lehman Brother crisis in 2008. Currently, it seems that speculation regarding another rescue package for the Greek economy is enough to boost oil prices.

Crude is currently trading near the $82.30 level after reaching as high as the $82.45 from a 10-week low of $77.10 a barrel.

As for today, traders are advised to follow the leading release from the euro-zone and the U.S. economy, as these are likely to have the largest impact on oil prices. Any positive data, especially from the euro-zone has potential to extend crude's bullish correction.