Commodity Daily News

Crude Remains Mainly Unchanged On Chinese, U.S data

Light, sweet crude for April delivery settled unchanged Thursday at $82.11 a barrel on the New York Mercantile Exchange and is currently trading at $80.20. Oil Prices remained stagnant as data from China showed higher than expected inflation, prompting expectation the country could start tightening monetary policy and raise interest rates; a move that might dampen it demand for commodities. China is the biggest driver of global Oil demand growth. Positive Oil data reports from China and the U.S this week had sent oil over $83 a barrel Wednesday.

Looking ahead to today, investors should keep an eye for U.S data, as continued improvement in U.S economic conditions will likely provide further support to Oil prices.