Commodity Daily News

Oil Prices Spike Following Solid US Data

The price of crude oil soared in overnight trading as investors turned to the commodity as an alternative to the weak dollar. With the price of oil currently approaching $89.00 a barrel, analysts are predicting a strong figure to close out the week. Additionally, the prospect of real steps being taken at the EU Economic Summit has caused investors to turn to riskier commodities like oil, as opposed to the safe-haven dollar.

Today, traders will want to pay careful attention to news out of the euro zone. In addition to the summit, the German Ifo Business Climate figure will give a clear indication regarding the direction the euro zone is taking. A positive figure will likely further increase risk taking, which in turn could lead to another boost for oil.