Oil Falls on Tuesday in Reaction to Reduced Global Demand
Crude oil futures declined 1.4 percent on Tuesday on reaction to uncertainty over oil’s global demand outlook. Selling pressure was for crude oil futures as escalating political crisis in Middle East and North Africa followed by oil spill in North Sea raised concerns.
Crude oil futures contract for September delivery declined $1.23 to settle at $86.65 per barrel at New York Mercantile Exchange on Tuesday.
Chief economist, Jason Schenker from Prestige Economics commented, “The oil story is and will remain first and foremost a growth story, any hint, suspicion, or confirmation of weaker growth could engender some price weakness.“
Stronger US dollar also resulted in decline crude oil as the dollar index DXY which measures the US dollar’s performance against its six major rival currencies gained to 73.998 on Tuesday as compared to 73.836 on Monday’s North American trading session.
On Monday crude oil gained 2.9 percent due to weakening greenback.
Twitter •
Most Popular Content
- Gold Prices Slip Ahead of Anticipated Economic Data
- Oil Prices Surge From Lows Amid Mixed Global Signals
- U.S. Stock Indices: A Dance Between Optimism and Fear
- Gold Prices Dance with CPI Data and the Fed
- Oil Prices Surge Amid Record Demand and Supply Tightening
- Gold Steady As US Dollar Index Tries to Make Gains
- Some Respite for Crude Oil within Bear Trend
- Oil Prices Gain Some Ground Due to Iraqi / Kurdistan Stand Off
Currency Articles - May 22, 2019 15:21 - 0 Comments
The Pound is in Freefall – When Will It Stop?
More In Currency Articles
- GBP Gets Ready for an Unpredictable Day with Meaningful Vote 2
- British Pound Stays Strong Whilst The Dollar Remains Weak