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Crude oil remains steady near 2-month high above $81.00

By FXstreet.com,  October 04, 2010, 03:05:00 AM EDT

FXstreet.com (Barcelona) - Crude oil futures are buoyed to the upside on Monday on further speculation of monetary easing by the Federal Reserve. The front-month crude contract reached a 2-month high in $81.87 earlier and currently remains in range of that level quoting at $81.53 a barrel.

Taking into account some less than stellar US fundamental data releases over the prior week, commodity traders are betting the Fed will step in to boost the economy, subsequently triggering an increase in overall energy demand. As such, the market will now have their eye on key economic indicators to be released this week including durable goods orders later today, and the always highly anticipated monthly non-farm payrolls on Friday.

A weak US dollar is also helping to support crude prices making imports cheaper for non-dollar nations. The US dollar hit a 6-month low against the euro common currency, and remains embattled against other major rivals.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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