Commodity Daily News

Hopes of Increased Fuel Demand Stabilizes Oil Prices

Crude Oil prices held steady near $94 a barrel Thursday as sentiment appeared to favor a pause in the downturn seen across global industry. Data releases out of Europe and the US yesterday were driving many investors back into riskier assets as most reports suggested a return of steady growth in global inflationary figures and manufacturing.

As investors sought higher yields, the value of crude oil, which was seen plummeting all of last week, rose to a weekly high near $95 a barrel. A sudden jump in EUR values due to yesterday's risk hungry environment has helped many investors ram up their long-taking positions on physical assets. If Crude Oil sentiment can hold steady this week, oil prices may continue to find support near its current price and beyond.