Commodity Daily News

Crude Oil Prices Rise supported by a Strong EUR

Crude Oil is currently trading at $82.13 a barrel. The price was significantly higher yesterday supported by the strength of the EUR vs. the USD. Crude Oil prices rose when the dollar weakened against other major currencies yesterday. If the EUR will keep to yesterday's rally against the USD, oil prices might see new recent highs above the $83 mark. If the price close above this level today this might signal a buy opportunity. Any downturn in EUR sentiment will influence oil prices in a similar fashion.

In recent trading, volatility was common in regards to Crude Oil prices. Traders are awaiting an OPEC meeting which will take place later today. OPEC is still expected to keep production at current levels, which shouldn't affect prices too heavily. Additionally, the US Crude Oil inventories report will be published at 14:30 GMT and may add to today's price fluctuations. Low inventories may in fact push oil prices higher.