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Commodity Daily News
Crude Oil Prices Stable near $70
Wednesday, 17 Jun 2009
Oil fell during yesterday's trading session and closed around $70.60; giving back early gains as worries about the ailing world economy persist.
Oil prices have risen steadily during the past two months, going above $70 a barrel and causing concern that high energy costs could slow the economic recovery from recession. Slowing production has contributed to the price increase, but weakness in the U.S. dollar may be the main cause.
As for today, traders should pay attention to the U.S Crude Oil Inventories report scheduled, as it tends to have a large impact on Crude Oil's prices recently, especially for the short-term.
