Commodity Daily News

Oil Prices Prove Resilient, Still Trading Above $91

Spot crude oil prices were relatively unchanged yesterday with prices trading in a tight band that is characteristic of light volumes. Oil prices ended the day down at $91.19, near their opening price of $91.30. With little data to go on for most of the week, the price of crude oil has proved resilient and has not traded below the $90 mark.

Traders will be anticipating key data from the US today with the release of the weekly inventory numbers. Analysts anticipate a decline of 2.8 million barrels for the previous week. Should the drawdown be more than expected we may see crude oil prices push higher. The same can be said for the weekly unemployment numbers and pending home sales data that are due out in the US trading session today. Price targets for spot crude oil may be near the $100 psychological level.