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Commodity Daily News
Oil Snaps Two Day Losing Streak
Wednesday, 29 Oct 2008
The price of Crude Oil jumped almost $2 yesterday, snapping a two day losing streak. Further forecasts for Crude prices are predicted to fall as global demand wanes amid the economic slowdown. Crude has fallen from a high of $145 in July to yesterday's closing price of $64.46.
Traders will be looking to U.S. Crude Oil Inventories to be released today. The report monitors the number of barrels of Crude Oil held in inventory by U.S. Oil firms. Inventories are expected to be higher across the board.
Traders may look for a continuation of falling Crude prices, potentially reaching into the $55-$60 range before the weeks end.
