NewsPreviousForecastAnalysisCrude prices continued climbing above $85.00 per barrel this morning due to the effect of the good data that had been released last week; especially the positive data from the US housing sector that had showed better than expected results, in addition to investors' increased risk appetite that was clearly reflected on stock markets, especially with the release of quarterly corporate earnings the reflect ongoing improvement.
Oil prices opened today around $85.15 recording its highest around $85.61 and lowest around $85.10 per barrel, where it is currently trading around $85.30 per barrel. Meanwhile, crude ended on Friday at $85.04 per barrel higher by $1.34 per barrel.
As for investors' risk appetite in markets amidst the positive earnings for the first quarter of this year, where it came alongside economic data that ended with the US announcing a jump in New Home Sales that superseded most expectations; where escalating optimism is seen across markets.
A very supportive contribution was made from Greece, where it announced activating the aid package provided by the EU and IMF; thus dampening tension and speculation in markets over the Greek default.
The increase in risk appetite is insured by the rise in stock markets witnessed first in US markets; the Dow Jones climbed by 0.63% or by 70.00 recording 11204.00 points last week. Meanwhile, Asian markets closed on highs as well; Nikkei Index rose by 251.33 or 2.30% recording 11166.00 points.
On the other hand, London's Brent rose in the early session by 0.44% to trade around $87.63 per barrel.
Today lacks moving fundamentals, which could calmly affect trading, while leaving a wide room for investors to act upon their expectations and earnings to be released, which might increase the volatility.