Commodity Daily News

U.S - Russia Tension to Raise Oil Prices

Crude Oil prices continue to rise as Oil made its 3rd consecutive day of bullish behavior. A barrel of Crude is currently traded around $116.50, $3 above yesterday's midday rate.

The U.S Crude Oil Inventories indicator has initially driven Oil prices down to $113 a barrel, as the publication of this indicator showed that prior expectations for a 0.7M increment were sorely moderate as the indicator demonstrated a 9.4M additional barrels as opposed to last week. However, shortly after Oil prices have resumed their uptrend.


In addition, the U.S-Poland agreement that allows the U.S to construct a missile-defense system in Poland has generated a great deal of tension between U.S and Russia. Therefore Oil prices are expected to rise even more.