Commodity Daily News

Crude Oil Reaches $70 a Barrel

Oil prices rose sharply to above $70 a barrel yesterday on renewed rebel attacks against Oil facilities in Nigeria, and worries that a glitch at the largest U.S. Oil refinery could tighten gasoline stockpiles during this summer's driving season. Crude Oil also got a lift from a rally on Wall Street fueled by optimism that the recession was easing, a prospect that could spell a recovery in ailing world energy demand.

Looking ahead, traders are advised to watch carefully at the leading stock markets and the major economic indicators which will be published from the U.S. and Euro-Zone in order to predict the upcoming movements in Oil prices. Nevertheless, in case the USD continues to weaken as it has lately, Oil at $75 a barrel seems like a very realistic target for next week.