Adding pressure to the upbeat Wall Street due to the good economy data on durable goods report by Commerce Department of United States of America is non other than the rising price of light and sweet crude on New York Mercantile Exchange, NYMEX.
Crude oil price jumped $2.55 per barrel to $118.82 on 27 August 2008 as there were worries and unease over the Tropical Storm, Hurricane Gustav might hit Gulf of Mexico installations. The inventory data released that crude inventory had fallen had also attributed to the crude price increase. Energy investors and traders are starting to buy up crude which is believed to be a move to hedge against other investment volatilities.
Better than expected durable goods economic data had bring the Dow Industrial Average Index, DJI at a very comfortably in the green zone. Wall Street stocks broadly advanced into strength. Crude oil price hike had factored into the sentiment which offset the positivity a little.