Commodity Daily News

Oil Prices Supported by Stockpile Data and G20/IMF Meetings

A decline in US crude stockpiles initially supported the price of Crude Oil, but a sudden shift in risk appetite caused a sharp downturn in oil prices back towards $106 a barrel. As of this morning, however, the price of oil received a large injection of support from economic fundamentals favoring commodity buy-ins.

Traders have been eyeing the G20/IMF meetings begun yesterday for any news regarding major oil consumers, since volatile shifts in currency values could undermine growth. So far, though, the meetings have been positive for risk appetite and thus growth, and appear to be revealing stability in the commodity markets, though with reservations about China. Today's meetings will likely be more impactful considering the topic of discussion and traders will want to keep an eye out for any comments emerging from the discussions.