Commodity Daily News

Oil Prices Climb above $82 a Barrel

The price of crude oil has climbed back to the high mark of two months ago with a current market value around $82.60 a barrel. The price broke the significant barrier of $80 a barrel as the USD plummeted on increased risk taking. Currency interventions in Japan and the threat of further quantitative easing by the Federal Reserve, have both pushed traders into riskier assets and out of those two traditional safe havens.

The resulting sell-off in US dollars has pushed the price of commodities like crude oil and gold to recent highs. However, it's not only the descending USD that has crude prices higher. A number of reports have shown that the industrial and manufacturing sectors of some of the larger economies have begun to pick up steam and add fundamental support to oil prices. This growth may also be having an impact on recent risk taking in the market since investors are perhaps feeling more confident about investment growth in those regions experiencing an expansion.