Commodity Daily News

Crude Oil Climbs 5%

The price of Crude Oil rose by an impressive $2.42 to $59.45 a barrel, or 5%. This is remarkable in a commodity that has recorded so much volatility as of late. Much of the price increase was spurred by a weak Dollar, and strong commodity and equity markets. The main way for Crude to continue this bullishness, is for investors to feel that there are increasing signs of a global economic recovery.

In recent weeks, it seems that the price of Crude has been stabilizing. This is partly owed to the production cuts that OPEC has made. The question now is will OPEC continue enacting production cuts over the next several months? If they do, then Oil prices may reach $65-$70 by the end of June. It's also important to note that Crude prices can be used as a measure of economic health in the economy.