NewsPreviousForecastAnalysisCrude prices have ascended today trading high around $83.00 rising from its lowest levels in three weeks, thus halting the drop witnessed in the past two days after the release of good news regarding global airlines' jam from the ash caused by the volcano in Iceland.
Crude opened today around $83.26 recording its highest around $84.02 and lowest around $83.16 per barrel, while it currently trades around $83.94 per barrel. However, yesterday's trading closed around $83.36 recording down by $1.18.
The eased restrictions set on airlines in Europe reduced fears for investors in markets regarding demand on oil, specifically since European airports have started to reopen.
In addition, there is renewed appetite for investors as they support the incline in prices, especially after US stock markets gained yesterday; the Dow Jones closed with gains by 0.67% or by 73.39 points around 11092.05, easing fears regarding the fraud case against Goldman Sachs; whereas EU stock markers climbed today due to support from a good company earnings.
We await the API to release its reports regarding US crude inventories for the previous week; thus, effecting crude trading especially as the tension witnessed yesterday in the markets starting to ease.