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Commodity Daily News
Spot Crude Oil Breaks above $82 a Barrel
Wednesday, 4 Aug 2010
Crude Oil futures rose above $82 a barrel for the first time since May despite disappointing US economic data. Crude's rally was boosted by a weak US dollar, as oil is denominated in dollars and is therefore cheaper for investors. An expectation of a decrease in oil supply further boosted Crude Oil prices.
Light Sweet Crude for September delivery settled up 1.5%, or $1.21, at $82.55 a barrel on the New York Mercantile Exchange yesterday, the highest settlement since May 4. Today investors should follow any news release from the US as well as the Crude Oil Inventories report to be released at 14:30 GMT.
