Commodity Daily News

Oil Sees Uptick after Inventory Report Expected to Rise

Crude Oil prices found support Wednesday, moving towards $91 a barrel in late trading as sentiment appeared to shift in favor of a price increase following news that supply in the United States may increase by 0.4 million barrels this week. With supply holding and manufacturing and industry in decline, the balance between supply and demand appear to be reaching agreement as the value of oil seems to be leveling out in recent trading, despite the recent swings in currency values.

As investors seek shelter from recent market uncertainty, the value of crude oil, which was seen holding steady all week, may see additional gains before today's close. A sudden jump in dollar values due to a sudden return to risk aversion, as was expected following the recent interest rate announcements, could drive many investors into lower investments on physical assets; driving oil prices back downward by the middle of next week.