Crude Oil Benefits from US News

The price of crude oil traded steadily for most of the day, as supply side fears due to tensions in the Middle East helped the commodity hold onto its recent gains. Furthermore, crude saw mild gains during afternoon trading, after better than expected US news signaled to investors that demand in the world's leading oil consuming country may go up. Oil reached as high as $94.02, up close to $1 a barrel for the day. Today, oil traders will want to continue monitoring developments in the Middle East, particularly with regards to tensions between Iran and the West. Any escalation in the ongoing conflict over Iran's disputed nuclear program could result in oil prices going higher before markets close for the week.

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