Commodity Daily News

Crude Oil Rebounds on Positive Sentiment

Crude Oil rebounded above $60 a Barrel yesterday on positive economic sentiment led by the U.S. The price of Crude benefited yesterday, as traders bought into risky assets. Additionally, the weak USD yesterday predictably led to bullish Crude prices. The other reasons for the bullish prices were due to Wall Street's rally and U.S Treasury Secretary Timothy Geithner stating that the U.S. recession will be over within a few months.

Looking to today, there are 2 things that may drive up the Crude prices above the $60.50 mark. These include a weak Dollar, as the price of black gold is in Dollar's; a bearish Dollar usually leads to bullish Oil prices. Also, good economic figures from the U.S. could increase risk-taking, and lead to higher Crude prices as a result. The question now is can Crude Oil extend this long awaited daily gain?