Spot Crude Oil prices rebounded following the release of the $1 trillion EU bailout package. The rise in the commodity coincided with higher equities and a rise in overall risk sentiment. This comes after the previous week's sharp losses for the commodity.
The price of spot Crude Oil finished the day at $77.38 from an opening day price of $76. At one point prices were up 4% during yesterday's trading.
After the weekend publication of the EU plan, traders found reason to take on more risk, buying Crude Oil. The EU package is a positive for commodities after the large sell off of commodities and other risky assets during the previous week. This buying trend should continue and allow the price of spot Crude Oil to make up the lost ground from last week when the price fell almost 13%. A short term target for spot Crude Oil may be the resistance line at $82.