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Commodity Daily News
Oil Prices Climb above $92 as USD Declines
Thursday, 13 Jan 2011
The price of Crude Oil is once more on the rise as the US dollar takes a dive from positive economic reports in Europe. Italian industrial production had increased 1.1% over the previous month, with the euro zone's regional industrial output also climbing from 0.7% growth last month to 1.2% growth this month.
The subsequent boost in the EUR has pushed the greenback down somewhat modestly, giving commodities added momentum to rise further. The price for a barrel of Light, Sweet Crude rose from a low near $90.80 yesterday to a current price of $92.02. If the USD continues losing ground against its European counterpart today, Crude Oil will likely continue its bullishness.
