Commodity Daily News

Crude Soars As Risk Taking Returns

Crude futures rallied to a two week high Thursday as the EUR appreciated against the USD and global equity markets soared. Light, sweet crude for July delivery settled $3.04, or 4.3%, higher at $74.55 a barrel on the New York Mercantile Exchange. Spot Crude is currently trading at $75.30 a barrel.

Futures have risen 8.4% over the last two days as outlook for the debt crises in Greece and Spain began to look less dire for the world economic recovery, supporting commodities and growth tied currencies. Oil prices rallied after China denied a report that it is considering a reduction in its European bond holdings and following the release of U.S data which showed that the world's largest economy is on the path to recovery, which boosted demand expectations.