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Commodity Daily News
Crude Oil Trades Near $86 a Barrel
Tuesday, 30 Nov 2010
Crude oil prices rose to $85.89 on Monday as Europe's cold weather and hopes for revived consumer demand lifted refined products futures despite a strong dollar and fears the rescue plan for Ireland might not contain Europe's debt woes.
The front-month crude price has seesawed after reaching a 25-month peak at $88.62 on November 11. It has not dropped below $80 since October 20.
As for today, traders should pay attention to the U.S Consumer Confidence report scheduled at 15:00 GMT, as it tends to have a large impact on Crude Oil's price recently, especially in the short-term.
