Commodity Daily News

Crude Oil Climbs to Over $72 a Barrel

The price of Crude Oil climbed to over $72 a barrel yesterday, before closing at around $71.25. Monday's trading saw Oil at the highest level since July 1st. Yesterday's bullish behavior in Crude can is largely owed to the optimistic manufacturing data that was published by the leading economies, led by the U.S., Britain and China. This is important, as the U.S. and China are 2 of the biggest consumers of Oil, which also played into higher Crude prices yesterday.

The high expectations surrounding the improved global economic sentiment, increased risk appetite, which also led to a fall in demand of the USD. In turn, this helped push-up the price of Crude Oil. The price of Crude was unable to hold above the $72 mark due to a lack of demand. However, if the global economy continues to recover, and positive economic results continue to be published, we may see stronger Oil prices for the foreseeable future.