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Commodity Daily News
Oil Prices Jump amid Possible Increase in US Demand
Friday, 23 Dec 2011
Crude oil experienced a hectic trading day yesterday, as improvements in the US economy led to forecasts that American demand for the commodity may increase in the near future. Analysts were also quick to add that demand for crude oil typically increases during the cold winter months in the United States.
Bullish sentiment was somewhat offset by the negative news coming out of the euro-zone. The on-going debt crisis continues to weigh down on crude prices. Still, with the commodity likely to breach the psychologically significant $100 a barrel line, traders may want to go bullish ahead of the Christmas holiday.
