Commodity Daily News

Oil Prices Spike to Close out Week

The price of crude oil spiked after a positive US jobs report convinced investors that American demand would also increase. Additionally, fresh threats from Iran to limit exports led to supply side fears which also boosted prices. The price of crude increased almost $2 on Friday to close out the week at $97.81 a barrel. Whether or not the commodity can maintain its current trend largely depends on market events this week.

Any further escalation in tensions between Iran and the West is likely to result in another spike in the price of oil. Furthermore, additional signs that the US economic recovery is advancing may also lead to an increase in prices. At the same time, should Greece once again fail to reach a debt-swap deal with its creditors, the euro could tumble which would likely bring oil down as a result.