Commodity Daily News

Crude Oil Soars to 6-Month High of $84.50 a Barrel

Crude oil prices rallied during yesterday's trading session. Crude began yesterday's trading around $83.20 a barrel. Crude oil's prices advanced throughout the trading day, and eventually peaked at $84.50, marking a 6-month high.

Crude oil rose on Tuesday following depreciation of the U.S. dollar and as U.S. stocks gained on expectations the Federal Reserve will purchase debts in order to support the economy. This has added to optimism that the U.S. economic recovery will proceed at a faster pace, and as a result will boost demand for energy. In addition, the dollar's fall has also supported crude, as it increased the appeal of commodities for an alternative investment.

As for today, traders are advised to follow the leading economic releases from the U.S, such as the ADP Non-Farm Payrolls forecast and the Federal Funds Rate announcements, as these are likely to have a large impact on crude oil prices. Traders should also follow updates regarding the U.S. elections results as these are likely to affect prices as well. In addition, traders should focus on the U.S. Crude Oil Inventories report, which is scheduled for 14:30 GMT, as this report tends to have an instant impact on crude oil trading.