Crude Oil Daily Outlook for April 07, 2011

Crude oil prices extended their rally on Wednesday to reach the highest level since August 2008 at $109.21 a barrel, where the ongoing political unrest in Libya continued to support crude oil prices, while the weakening U.S. dollar also helped in maintaining the rally in oil prices.

The EIA report showed that crude oil inventories increased last week by 2.0 million barrels in line with median estimates and following the prior reported rise of 2.9 million barrels.

(Source: http://www.commoditiesmansion.com/commodities-news/crude-oil-daily-outlook-for-april-07-2011/)