Commodity Daily News

Oil Prices Remain High Following Positive Euro-Zone News

The price of crude oil jumped to the $102 a barrel level yesterday, as the combination of positive euro-zone news and continued Middle East tensions helped support the commodity. Crude prices typically increases along with the euro, as the commodity becomes more attractive to international buyers when the dollar is weak.

Threatened sanctions against Iran over its nuclear program have also helped keep oil above the psychologically significant $100 a barrel level. With Iran controlling a substantial amount of the world's oil, a possible military conflict has led to supply side fears.

Today, the price of oil will likely be determined by euro movements. Further positive news could help boost the commodity above the $102 level. At the same time, with so many unknowns still present in the euro-zone crisis, determining the trend for oil is growing increasingly more complicated.