Crude Oil continued its advance Thursday, boosted by the release of positive economic data from the EU and U.S., raising the level of confidence in the global economic recovery. Crude oil for June delivery rose 35 cents, or 0.4%, to $85.52 a barrel, in electronic trading on the New York Mercantile Exchange.
Better than expected employment data from Germany as well as strong equity performances from Europe and the U.S. helped boost Oil levels Thursday, however, investors worry that the price of Oil is now above the level which is justified by fundamentals, particularly as the U.S. inventories remain high.
Looking ahead to today, investors should continue following any developments regarding the Greek bailout plan as these seem to have the strongest affect on markets. The U.S. GDP data should also provide some direction as it will shed light on the strength of the U.S economy.