Commodity Daily News

Crude Remains Bullish To Start Off the Week

The price of crude oil is holding strong, and is now approaching the $92.00 a barrel mark. That being said, analysts are torn with regards to how long the commodity can maintain its current price. On the one hand, positive US data released last week has created optimism in the global economic recovery, which typically boosts the commodity. On the other hand, warm weather is expected in much of the US for the next few days, which could lessen demand for oil after the recent blizzards.

This week, traders will want to pay attention to the US Crude Oil Inventories figure set to be released on Thursday. US inventories have steadily been increasing over the last few weeks. Should the trend continue oil may start to move down, as it would be a sign that demand is slowing down.