Commodity Daily News

Crude Oil Targeting $80 a Barrel?

The price of Crude Oil continues to fluctuate between $71 and $78 a barrel, with a current price settling yesterday just under $77. Speculative reports about a decline in inventories have fueled a number of analyses to predict an impending rise in oil prices from a boost in consumption among the larger economies. The United States, Canada, and Japan all appear to be showing positive signs of industrial and manufacturing growth, adding support to oil demand.

On the other hand, a large number of economists seem to share the view that the fundamentals are still lacking for a boost in oil and gas prices. Regardless of a number of positive manufacturing reports, demand continues to appear stagnant. The range-trading price is a testimony to the fact that oil prices don't seem to have much pressure in either direction, but the general trend is a gradually sloping bullish channel, with a near-term target around $80 a barrel.