2010-03-08: Crude Oil Prices Continue to Rise
Prices of Crude Oil rose at a steady rate during last week’s trading session. With the beginning of last week, crude oil was traded for about $78.00 a barrel. At the moment, crude is traded for close to $82 a barrel.

Crude Oil is rising on speculations that the global economic recovery in addition to supply restrictions by the Organization of the Petroleum Exporting Countries (OPEC) will increase demand for oil. The better-than-expected Non-Farm Employment data from the U.S. economy also supported Crude Oil, as this suggested that the American economy is indeed recovering, as unemployment is stabilizing.

As for this week, traders should follow the major economic news from the U.S. and the Euro-Zone as those seem to have the largest impact on Oil prices. In addition, traders should also follow the U.S. Crude Oil Inventories on Wednesday, as this report tends to have an instant impact on the market.