Commodity Daily News

Crude Oil Prices Declined Yesterday as Investors Closed on Profits

Crude Oil slightly declined during yesterday's trading, but remained above $80 a barrel. Currently, Crude Oil is trading at $81.57, and it seems to be continuing its bullish trend since mid-February.

The U.S. Energy Information Administration (EIA) published a report yesterday forecasting that the price of oil should climb to $85 a barrel in the near future. They also projected that the price should remain above $80 a barrel this spring.

Later on today, the U.S. EIA is expected to publish Crude Oil Inventories, forecasted to grow by 1.9M barrels. Any lower figure should boost the price even higher. In recent weeks, data came above forecasts, but it failed to influence the price. It seems that the price of oil could remain above $80 a barrel. However, a serious boost in price should be supported by strong fundamental data. Better than expected U.S. Retail Sales to be published on Friday might push the price toward $85.