FXstreet.com (Barcelona) - Crude futures extend past days upside momentum, touching past $90.00 a barrel over Asia for the first time in 2-weeks. The front-month contract remains around that mark in the initial hour over Europe, currently quoting at $90.03 a barrel where it is slightly up from opening price.
Crude has found support as of recent by frigid weather conditions over the majority of Europe and the US, leading to high heating and thus energy demand. What's more, a lightly improved risk appetite buoys the price of crude as geopolitical tensions in the Koreas ease and China avows support to the European debt situation.
With thin volume due to the upcoming holidays keeping volatility low, commodity traders still in the market will have an eye out for today's GDP figures from both the US and UK in an effort to gauge recovery. What's more, investors will focus in on supply as the EIA reports stock changes later in the day.
