Commodity Daily News

Oil Prices Continue to Move Up

The weak Dollar has prompted more investment in Crude Oil, leading to steadily increasing prices for the commodity over the last few days. Currently, crude is trading around the 79.20 level, up from around 77.10 on Friday. As the Dollar continues to fall against many of its main currency rivals, traders can expect oil prices to rise.

Today, Crude prices will largely be determined by the Fed Chairman's speech, scheduled to be given at 14:15 GMT. Should the speech paint an optimistic picture of the U.S. economy, oil prices may drop if investors decide turn back towards the Dollar. On the other hand, if the Fed chairman decides to highlight the continued challenges facing the U.S. economic recovery, oil will likely increase its gains in the marketplace.