Commodity Daily News

Crude Oil Prices Jump after US Stockpiles Show No Growth

Oil prices jumped above $100 a barrel this morning following a report out of the United States which revealed zero growth in their weekly stockpile data. These US oil stockpile reports had shown growth of over 3 million barrels a week for the past two consecutive weeks. The sudden halt of this inventory growth had a sharp effect on the value of Crude Oil as its price jumped above $100 a barrel shortly after the report was published.

Whether oil traders decide to respond with a bearish push on oil prices is yet to be determined, especially considering the strangeness of the inverse relationship to USD values this week. The greenback's decline yesterday may have a delayed effect today and oil traders may see the price bouncing even higher if that is the case. The Strauss-Kahn affair in the US is also creating some instability in trading as it masks the commentary emerging from the current ECOFIN meetings. Commodity prices may therefore receive a bump in the rest of this week's trading if this rumor mill doesn't die out.