Commodity Daily News

Spot Crude Oil Prices Surge

Spot crude oil prices rebounded after commodity prices have been subdued following the early May sell-off. Crude prices surged to close above $101 following the weekly US crude oil inventory report showed increased demand from oil refineries. While the headline inventory number was higher than expected, the bullish refinery data was more than enough to bring crude oil bulls back into the market. The price of spot crude oil rose to $101.54 from $98.77 on strong demand in the New York trading session.

Since the sell-off in early May spot crude oil prices have been consolidating and have formed a triangle pattern on the daily chart. Despite yesterday's almost $3 appreciation in the commodity, the price declines in May were so sharp that crude oil prices still have until $102.60 before the commodity is even testing a breakout to the upside. Support comes in near yesterday's low at $97.80.