Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Crude Oil Jumps as Bernanke Weakens Dollar

February 7, 2012 at 21:46 by Vladimir Vyun

Crude oil climbed today as the dollar fell. The drop of the greenback was caused by a testimony of Federal Reserve Chairman Ben Bernanke. Bernanke suggested that the US jobs market is weaker than the recent very positive data indicated.

Today, the US Energy Department boosted its forecast for crude oil prices to $100.40 per barrel this year, compared to the January estimate of $100.25 per barrel. Analysts expect tomorrow’s report to show an increase by 2.9 million barrels of US inventories of crude last week, while growth was 4.2 million in the week before.

March futures for delivery of crude oil gained as much as $1.50 to $98.41 per barrel on NYMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply