The Crude oil prices were hovering around 77 dollars in the last few days, but improved sentiment in US has lead to the crude oil prices surging by nearly three percent and reaching the 80 dollars mark yesterday.
The price settled around the 79 dollars due to part unwinding of speculative position by investors. The crude oil prices are likely to remain in the 70 dollars to 90 dollars for the next few months, till more clarity emerges on the global economic recovery.