Friday, 25 March 2011
Crude Oil - Oil Prices Stable Near $105.50 a Barrel
Crude oil prices were little-changed on Thursday as Japan's turn toward economic recovery and ongoing fighting in Libya gave few new signals to traders, while US economic data disappointed bulls. The crude oil dropped to an intra-day low of $104.75 a barrel before rebounding to the settlement level of 105.40, which was little changed compared with the previous week sessions.
Crude oil prices have surged more than 20% since mid-February, when pro-democracy movements reached Libya, Africa's third-largest oil producer.
As for today, the U.S Final GDP report will likely determine the crude's next moves, with any mildly positive elements within them likely to keep the crude price on its upwards direction.
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