Commodity Daily News

Crude Oil Rallies - Trading At A 2-Year High

Crude oil rallied to an annual record high on Friday trading, closing an extremely bullish trading week. Crude oil was traded near $83.00 a barrel as market opened last week, and by Friday crude strengthened to $89.60 a barrel, marking a 25-month high, since October 2008.

Crude oil strengthened on Friday following the U.S. dollar's depreciation. The dollar's fall has boosted demand for dollar-dominated commodities, such as crude oil and gold. Gold rose to $1,415 an ounce, and is trading near an all-time high. The dollar fell on Friday after U.S. employers added fewer jobs than forecast in November, and the unemployment rate has unexpectedly increased.

As for this week, traders are advised to follow the leading economic releases from the U.S. and the euro-zone, as these are likely to have a significant impact on crude oil trading. Traders are also advised to follow the U.S. Crude Oil Inventories report, which is scheduled on Wednesday, as this report tends to have an instant impact on the market.