Thu, 07 Oct 2010 00:00:00 +0200

Bullish Streak Continues

The price of oil rose to a 5-month high following the release of weekly crude oil inventory figures. The data report showed a large increase in overall stockpiles but a larger than expected drawdown in gasoline stocks. Also affecting the price of spot crude oil was a weakening dollar. Traders will be eying employment data both today and tomorrow. Today's weekly unemployment numbers may be negative given the poor ADP Non-Farm Jobs data that was released yesterday. Friday will bring the Labor Department's Non-Farm Payrolls report. Expectations are for an increase of 3K. Traders should eye the high in May as a target of $87.

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