Commodity Daily News

Spot Crude Oil Rises Above $90

The price of spot crude oil moved above $90 for the first time in two years but volatile trading did not allow for the commodity to hold its gains as the price finished the day lower. The drop in price may be attributed to profit taking as traders may have had limit orders resting at the $90 level. A strengthening dollar also may have weighed on the price of crude oil.

Spot crude oil prices reached a high of $90.74 before finishing the day down at $87.94. Trading began at the price of $88.95.

Oil prices have strengthened significantly in the past two weeks, rising from a low of $80.30 to yesterday's high above $90.

Today spot crude oil traders will be looking at the US weekly crude oil inventory release which is due to be released at 15:30 GMT. Market expectations are for a decline of 1.3 million barrels. A larger draw down than expected could help continue to push prices up above the $90 level until the $100 level.