Commodity Daily News

Crude Oil Remains Steady Around $82.50 a Barrel

Crude oil saw a very volatile trading session yesterday. Crude began yesterday's trading with a bearish trend, and dropped to almost $81.80 a barrel. However the commodity managed to rebound later on and by the end of the day was trading above $82.80.

Crude oil began yesterday's trading with a downtrend due to the dollar's appreciation. The dollar gained against most of the major currencies, especially the euro, and as a result dollar dominated commodities, such as crude oil, were weakened. Crude corrected losses later on in the day following the U.S. Consumer Confidence report. The report showed that confidence among U.S. consumers rose in October from a seven month low, and boosted speculations that demand for energy will increase in the U.S.

As for today, traders are advised to follow the major economic releases, especially from the U.S. as these are likely to have a large impact on oil trading. Traders should also follow the U.S. Crude Oil Inventories release, which is scheduled for 14:30 GMT, as this report usually has an instant impact on the market.