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Commodity Daily News
Crude Oil Struggles to Stay above $80 a Barrel
Wednesday, 3 Mar 2010
Crude Oil traded near $80 a barrel, gaining 1.3% yesterday as equity markets gained on speculation that the European Union will bail out Greece while the nation is expected to unveil new budget cuts. Oil prices also increased as the Dollar weakened against the EUR, increasing demand for commodities as an alternative investment. Furthermore, a report form the American Petroleum Institute showed that stockpiles of distillate fuel dropped 4.07 million barrels last week.
Today traders should follow the release of the Crude Oil inventories data at 15:30 GMT. Stockpiles are expected to drop to 1.4M from 3.0M last week, a better than expected result might help solidify oil's price above $80 a barrel.
