Commodity Daily News

Crude Once Again Bullish Ahead of Euro-Zone News

Crude oil saw some significant gains in trading on Tuesday, as risk taking among investor bolstered the commodity. Prices once again were above $103 a barrel, as optimistic euro-zone news sent investors toward commodities.

Additionally, increasing tensions between Iran and the west drove oil prices higher. Supply side fears tend to drive up prices, and analysts are now warning that oil could reach as high as $105 a barrel unless something is done to calm the situation in the Middle East.

Turning to today, crude oil may continue to trade higher if rumors of a plan to combat the euro-zone crisis dominate the headlines. Traders will want to pay attention to any announcements from European leaders for indications about what direction oil will take.