Commodity Daily News

Despite Weak Industrial Data, Oil Prices Rise

Oil prices ended yesterday trading slightly higher on the day as traders largely moved away from the US dollar, lifting commodity values. As investors bailed out of their long positions with the USD, oil prices found support, pushing the commodity back towards $113 a barrel with a closing price of $112.86 yesterday.

As for today, crude oil traders may want to consider that commodities, which are linked to the value of the US dollar, are likely going to continue receiving a boost in the immediate future due to recent monetary policy statements out of the US. Hawkish statements about economic growth may suffice to hold prices stable between $112 and $115, but many speculators are beginning to anticipate another bull run in commodity prices and traders would be wise to watch for the bounce after the price corrects from yesterday's movement.

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