Source: ForexYard
Crude oil made modest gains on Wednesday as a combination of various events around the market put things in a stand still for oil. For most of Wednesday crude oil didn’t make many moves one way or the other but seemed to take advantage of possible nervous sentiment regarding U.S. home sales numbers being released later in the day. Towards the end of the afternoon crude oil stayed close to the 106.22 mark, indicating a mild jump from Tuesday’s high point.
Following the release of the U.S. home sales figures investors turned bearish on the dollar due to the lackluster numbers. In other news, the U.S. Department of Energy indicated the level of crude oil reserves has increased by 2 million barrels as of last week. The combination of these developments could lead to the possibility that crude oil will continue to hover around its current position.
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