Crude Oil Prices Surprise with Bullishness as USD Weakens

Posted by admin as Daily forex analysis, Forex News

Many analysts yesterday had anticipated a slight decline in the price of Crude Oil considering the recent strength in the USD brought on by last week’s employment data. However, oil prices surprised many traders today as the price continued to climb above $70 a barrel to hit a 7-month high! As Geithner’s speech demonstrated a renewed push for economic recovery, and potential plans to raise interest rates in the US, there isn’t very stable ground around the common safe-haven investments. Traders should expect more volatility today.