Commodity Daily News

Positive U.S. Economic reports lift Crude Oil price

Crude Oil price recovered substantially during NY trading hours. Better than expected Pending Home Sales report and strong Vehicles sales proved strong consumer demand. Following these reports and the rally in the equity markets improved Investors' confidence about economic recovery.

Looking ahead to today, inventories report should be published at 15:00 GMT, data is expected to show a decline in inventories, this could support yesterday uptrend momentum. Traders are also advised to follow other macro reports published earlier, if data turns positive and investors are optimistic about recovery, crude prices will continue to rise. If data disappoint investors should expect a sharp decline in Oil price toward $70 per barrel.