| Forex News Center | | | Commodities News Archive |
Commodity Daily News
Crude Oil Rises Above $81 a Barrel
Tuesday, 10 Aug 2010
Crude Oil climbed above $81 a barrel on Monday, extending last week's 2% rise, as long-term weakness in the U.S. dollar continued to provide support, despite doubts about the strength of the U.S. economy.
Oil, and other commodities denominated in dollars for global trading, tends to rise when the USD falls since they become cheaper for holders of other currencies. A move away from dollar-based pricing of the world's leading commodity could further weaken the greenback.
As for today, the FOMC Rate Statement will likely determine Crude Oil's next moves, with any mildly positive elements within them likely to keep crude prices in an upward direction.
