Aug 21 2008
Crude Oil Daily Review
Crude Oil prices are continuing to rise, as oil made its third consecutive day of bullish behavior. A barrel of oil is currently traded around $116.50, $3 above yesterday’s midday rate.
The U.S Crude Oil Inventories indicator has initially dropped oil prices down to $113 a barrel, as the publication of the 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, it was only soon after that oil prices have resumed their uptrend. 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. And in addition to the still going war in Georgia, investor’s concerns that Russian and Caspian Sea supplies might be disrupted have grown stronger.
My Forex Blog
