Crude Oil rallied to a high of $59.2/barrel. Gains were first seen as the Dollar declined on the back of weak data. This climb was boosted as the EIA released data which showed that stockpiles increased by a lower amount than expected; stock piles increased 1.910Million when analysts predicted a climb of 2.300M.
Today, the price is still climbing. Traders should watch U.S data for signs of demand for the commodity. The movement is slightly up. Support is found at 55.70 and resistance at 59.40.
April 30, 2015 – Commodities News
Crude Oil WTI
Crude Oil rallied to a high of $59.2/barrel. Gains were first seen as the Dollar declined on the back of weak data. This climb was boosted as the EIA released data which showed that stockpiles increased by a lower amount than expected; stock piles increased 1.910Million when analysts predicted a climb of 2.300M.
Today, the price is still climbing. Traders should watch U.S data for signs of demand for the commodity. The movement is slightly up. Support is found at 55.70 and resistance at 59.40.