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Commodity Daily News
Oil Prices Rise on Positive Economic Data
Friday, 1 Oct 2010
The price of oil rose sharply yesterday by 3.4% on the heels of positive US economic data. The rise in the price left crude oil with a strong performance for the month of September that coincides with a strong month for US equities.
The release of rising US GDP numbers, better than expected weekly unemployment data, and a rising Chicago PMI all helped to influence traders to become more bullish on the economic recovery.
Momentum for spot crude oil appears to be to the upside as the MACD histogram shows a rising trend. This may signal further gains in the price of spot crude oil. The next resistance level for the pair is found at $83.00.
