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Commodity Daily News
Crude Oil spikes on Better Inventory Data
Thursday, 17 Sep 2009
Crude Oil prices experienced another day of appreciation as the oft-traded commodity rose above $72.80 during yesterday's trading session. Oil prices traded up for the second straight day. This has been compounded by a weaker Dollar that has also caused investors to flee to commodities such as Crude Oil.
Moreover, with crude oil inventories in the US shrinking more than anticipated, there is a chance that prices will continue to rise as demand climbs from market optimism and economic growth. These factors point to the notion that Crude Oil's price may stumble across more support in the near future and continue to rise.
