Commodity Daily News

Price of Crude Oil Stiffens to Maintain Healthier Price

Crude Oil prices rose $8 yesterday on signs that OPEC members were cutting production to comply with their recent decision. This came after the price of Oil dropped $5 a barrel the day before. If OPEC decides to make a cut in Oil production, prices are expected to firm up and move higher in a short term.

Looking ahead today, one of the more influential pieces of economic data will be U.S. Crude Oil Inventories. The inventories index has become more and more relevant over the last few months as the movement the price of Oil has become a major market mover. Expectations show a rise to 1.1M from last month's 0.5M. Traders can, and should, expect wide market volatility around the 15:35 GMT release of this figure.