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Commodity Daily News
Oil Soars Above $100 a Barrel
Wednesday, 1 Feb 2012
Positive euro-zone news generated a significant amount of risk taking yesterday, giving crude oil a healthy boost throughout the day. The commodity shot up over 150 pips, to well above the psychologically significant $100 a barrel level. Riskier commodities like crude oil often become more expensive when the euro goes up in value.
Today, traders will want to note the results of a batch of US news that could set the trend for oil going into the rest of the week. The US ADP Non-Farm Employment Change figure, set to be released at 13:15, is likely to generate the most volatility. Should the dollar capitalize on the results of the employment figure, crude may see a downward reversal as a result.
