Crude Oil Futures remain Under Pressure

Crude oil futures remained under pressure on Monday and declined 2 percent as investors were uncertain about the upcoming US economic indicators. Crude oil futures contract for July delivery slipped 2 percent or $1.99 to $97.30 per barrel on New York Mercantile Exchange.

Portfolio manager, James Cordier from Optionsellers.com in Florida commented, “There’s a great deal of pessimism coming into the market in a hurry, more people are subscribing to the double-dip idea, we took the training wheels off and the early signs are not so good.”

On Friday the contract dropped 2.6 percent on the news that Saudi Arabia will enhance is production in July while global demand has weakened.

Despite weakening US dollar, crude oil futures contract was unable to move upward. The dollar index DXY which measures the greenback’s performance versus its major rival currencies declined to 74.775 on Monday as compared to 75.801 on Friday’s North American trading session.

Brent crude oil futures contract for July delivery surged 0.3 percent or $0.32 to $119.10 per barrel at ICE Futures exchange in London.

Among other commodities, gasoline futures contract for July delivery dropped 0.7 percent or $0.02 to $2.99 per gallon whereas heating oil futures contract for July delivery slightly gained to $3.10 per gallon on Monday.

Natural gas futures contract for July delivery dropped 2.3 percent or $0.11 to $4.65 per million British thermal units.

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