US Oil Inventories Could Keep Crude Bullish

Crude oil was able to take advantage of risk taking in the marketplace yesterday to gain more than $1 a barrel during European trading. The commodity rose as high as $97.81 yesterday, its highest level since the beginning of May, as a result of investor speculations regarding possible ECB actions and supply side fears due to conflicts in the Middle East. Today, oil traders will want to pay attention to the US Crude Oil Inventories figure, set to be released at 14:30 GMT. Last week, the price of oil saw significant gains after the news came in below expectations, which led to assumptions that demand for oil in the US has gone up. If today's figure once again comes in below the forecasted level, oil could extend its upward momentum.

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