Commodity Daily News

Crude Oil Eyes $60

The price of Crude Oil hit as high as $58.55 before ending Thursday's trading at $57.10. Oil closed up about 1% or 51 cents to close at the $57.12 level. Crude made the early gains due to inflation fears and the thought that the worst of the economic downturn is over. This was also helped by Wednesday's lower-than-forecasted Crude Oil Inventories and impressive Construction Spending data from earlier in the week.

The price of Oil did however start to drop as the day went by as commodity traders started to fear tomorrow's employment data figures that are due tomorrow from the U.S. If economic figures continue to show decent results from the developed nations, and investors feel that the global economy is continuing to recover, then expect Crude Oil to reach $65 a barrel by the end of next week's trading session.