Commodity Daily News

Oil Price Floats near $100 a Barrel

Crude Oil prices rose yesterday, reaching as high as $99.60 in late trading. Growth differentials between the Atlantic states have risen into view this week while manufacturing output and service data revealed mild weakness in Europe. This has so far led several large investors and analysts to consider a shift away from the EUR and other risky assets in exchange for the safety of the USD and JPY.

As investors sought safety, the value of crude oil, which has been seen holding steady most of the week, rebounded to a weekly high of $99.60 a barrel. A sudden jump in dollar values due to this week's risk sensitive environment has helped many investors move hesitantly away from assets like gold and silver, but crude oil appears untouched by this sentiment. Should Crude Oil prices hold steady this week, we may continue to see some gains going into the week's final hours.