Monday, 28 Dec 2009 Crude Oil continued to rise during last week's trading session. Crude Oil began last week's trading with a falling trend, as a barrel of crude oil was traded for less than $73. However later on the trend reversed and crude oil reached over $78 a barrel for the first time in over 3 weeks.
Oil continues to rise following positive economic data from the U.S. The number of U.S. individuals who filed for unemployment insurance for the first time during the past week, dropped to 452,000, the lowest level since September 2008. This has increased speculations for global recovery. The optimism tends to boost crude oil prices, as it is believed that an economic improvement should increase demand for energy. Currently it seems that for as long that positive data from the U.S. economy is likely to support oil prices.
As for the week ahead, traders should follow the leading economic news evens from the U.S. economy and the Euro-Zone as they are likely to impact the value of Oil. In addition, traders should also follow the Crude Oil Inventories on Wednesday, as this report proven to have an immediate impact on the market.
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