Commodity Daily News

Unexpected Rise in Inventories Lifts Oil Prices

After dropping almost 3.3% in trading since Tuesday, the price of Crude Oil appears to be receiving some support, though traders appear weary of a rising price of oil. US crude inventories grew last week by 1.6M barrels, beating expectations for a 0.9M barrel rise.

The price of oil has only gained modestly on the day, reaching from $105.20 towards $107.00 over the past 24 hours. Technical traders appeared to be weighing in at a buy mark located near the $105.30 mark, eventually tilting the commodity back into a bullish posture, albeit weakly. With much news expected out of the American economy today, oil prices could undergo significant volatility as traders begin to gauge the impact of price swings in the US dollar.