GO
Loading...

How Soon Will Oil Hit $100?

Commodities traders on Thursday were focused on the sharp move higher in the price of oil . In early trade the price of WTI rose as much as $1.10 cents to $95.34 a barrel, at least a 4 month high.

Henrik Weis | Lifesize | Getty Images

The gains stem in part from new data which showed a surprise fall in crude inventory in the United States, which is the world's biggest oil consumer.

Specifically, U.S. crude stocks fell by 951,000 barrels to 360.3 million barrels last week as imports dropped - that's according to weekly data from the U.S. Energy Information Administration showed on Wednesday.

Vote
Vote to see results
Total Votes:

Not a Scientific Survey. Results may not total 100% due to rounding.

Analysts polled by Reuters had expected stocks to rise of 2.3 million barrels.

Positive U.S. housing data provided an additional boost. A separate report showed that U.S. housing starts jumped by 12.1% in December to a seasonally adjusted 0.954 million, compared to expectations for a 3.3% increase to 0.890 million

Geopolitical tensions in Algeria provided further support.

That said, how long do you think it will take for oil to print $100?

— Reuters contributed to this report

Read on for 10 Things You Need to Know to Trade Futures

Watch "Futures Now" Tuesdays & Thursdays 1p ET exclusively on FuturesNow.CNBC.com !

Like us on Facebook! Facebook.com/CNBCFuturesNow

Follow us on Twitter!@CNBCFuturesNow

Contact Futures Now

  • Showtimes

    Watch Futures Now Tuesdays & Thursdays 1p ET exclusively on cnbc.com!

Sponsor Links

  • CME Group brings buyers and sellers together through its CME Globex electronic trading platform and trading facilities in New York and Chicago.

  • Take your trading to the next level with a platform that lets you trade stocks, options, futures and forex all in one place with no platform or data with no trade minimums. Open an account with TD Ameritrade and get up to $600 cash.