Commodity Daily News

Crude Oil Rises on Positive U.S. Outlook

Crude Oil finished Thursday's volatile session 49 cents higher at $72.00 a barrel. The commodity was upbeat after economic data in the U.S. raised hopes for an economic recovery. Oil prices have nearly doubled since February on signs of a potential economic recovery. However, the pace of the rally has also sparked concerns that prices do not fully reflect improvements in Oil fundamentals, and costly Crude may hurt any nascent recovery.

Oil had risen above $72 this week on a weaker Dollar and militant attacks in Nigeria, Africa's biggest Oil producer, which disrupted supply. Investors have also pushed Oil higher by buying contracts as an inflation hedge to offset a decline in the Dollar. There is a reasonable possibility that the price of Crude will continue to rise in the coming weeks.