Oil prices to ended up the day on a high note

[gnutrade.satya]

Commodities were seen high and were lifted by strong Chinese economic data before oil met resistance amid investor concern that China may yet take more action to cool its inflation, and this news took the Oil prices to ended up the day on a high note. Stephen Schork, president at the Schork Group said: "Over the weekend the Saudis came out and said $70 to $80 is optimal, commenting on investor caution when prices near $90. And given the weekend's news regarding China's rampant inflation, my assumption is they will move to lower consumption, and that is all weighing upon the market."