Commodity Daily News

Positive Global Data Sends Crude Upward

The price of crude oil rose above $101 a barrel yesterday, as positive global data led to risk taking among investors. The price of oil typically increases along with the euro, as the commodity becomes more attractive to international investors when there is a weak US dollar. That being said, oil was unable to maintain its bullish movement, and began to stage a downward correction by the evening session.

Today, oil prices will likely be determined by news out of the euro-zone. At the moment, fears that Greece will default on its debt have led to a return to safe-haven currencies. Should this trend continue, oil will likely fall as a result. Traders will also want to keep a close watch on the current state of Middle East tensions. Any further escalation in the current situation between Iran and the West may lead to an increase in the price of oil.