Crude Oil moves in Bullish Drive

Crude oil futures gained on Friday as development on euro zone’s debt crisis made investors optimistic about crude oil. The light sweet crude oil futures contract for September delivery surged 0.7 percent or $0.66 to $99.69 per barrel on Friday at New York Mercantile Exchange. The respective contract jumped to day’s high of $99.95 per barrel.

Another positive news that resulted in appreciation of oil prices was the decision of International Energy Association to stop the further release of oil stockpiles for now. Analysts from Barclays Capital commented, “While we suspect that neither sovereign debt nor the IEA have disappeared as significant factors for the quarter as a whole, some of the immediate dampening force on prices has lessened.”

The US dollar also advanced on Friday which resulted in pressure on oil prices. The dollar index DXY which measures the US dollar performance against its major six counterparts gained to 74.229 on Friday as compared 73.897 on late Thursday.

Among other commodities, Gasoline futures contract for August delivery surged 0.8 percent or $0.02 to $3.12 per gallon while heating oil futures contract for August delivery advanced 1.1 percent or $0.04 to $3.14 per gallon.


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