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Commodity Daily News
Crude Rallies on Better than Expected US Data
Friday, 30 Sep 2011
Thursday, light, sweet crude for November delivery was up $1.84, or 2.3%, to $83.05 a barrel on the New York Mercantile Exchange. A drop in U.S. weekly jobless claims and Germany's vote to approve an expanded euro-zone rescue fund boosted optimism. The prospect of containment of the Euro-zone debt crisis lifted hopes for increase in global oil demand.
Traders are advised to follow the release of economic data from the Euro-Zone and US today as the release of better than expected data will likely boost Oil prices further, possibly towards the $85 a barrel mark.
