FXstreet.com (Barcelona) - Crude futures are recovering from daily lows under $88.00 as the US dollar pulls back some of its gains against major rivals today. The front-month crude contract currently trades at $88.75 a barrel after touching a high just prior at $88.95.
Crude reached 26-month highs earlier in the week as confidence in winter energy demand supported an all-around higher risk appetite. Commodity traders have since taken advantage of profit-taking opportunities, while a stronger US dollar weighed down the price of crude due to investors fleeing US long-term securities.
While the greenback has weakened slightly towards the second half of the day allowing crude to come off the day's lows, it still remains a factor as investors await the DoE crude inventories release in the coming hour.
