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Commodity Daily News
Oil Sees Gains Following Bullish EUR Reversal
Friday, 13 Jan 2012
Crude oil climbed well above the $102 a barrel level on Thursday. The commodity received a healthy boost after positive euro-zone data helped boost demand for oil among international buyers. Oil typically turns bullish when the euro increases in value, and international buyers can afford to purchase more.
Whether oil can maintain these gains to close out the week largely depends on news out of the euro-zone. Any positive developments with regards to the euro-zone debt crisis will likely keep the commodity at or above its current levels. In addition, continued tensions in the Middle East are forecasted to keep oil above the $100 level, as supply side worries tend to drive up prices.
