Commodity Daily News

Crude Oil Prices Continue to Climb

Spot crude oil prices continue to move higher as Europe takes steps towards closer integration and enforceable budget rules. Crude oil prices rose to their highest level since mid-November following Merkel and Sarkozy's speech yesterday. The press conference by the two leaders coincided with the release of the ISM services PMI which came in at 52.0 on consensus forecasts of 53.6. While data was below market expectations the survey points to continued growth in the US services sector and increased US Q4 GDP. For the remainder of the weak there is a lack of big name economic data on the calendar until Friday's UofM consumer sentiment and trade balance numbers. Resistance for spot crude oil is found at the November high of $103.30 while support is located at the November 28th high of $100.75 and November 25th low of $95.00.