Crude Oil Declines on Profit Taking

Crude oil futures ended lower on Monday finally after the consistent four bullish sessions in the last week. Investors were also concerned over the downgraded rating of Spanish bonds by Standard & Poor. Moreover, manufacturing data from Chicago area also fell to 56.2 percent in April as compared to expectations of 60.8 percent. Manufacturing gauge in Chicago for the month of March stood at 63.3 percent.

Crude oil futures contract for June delivery declined 0.5 percent or $0.51 to settle at $104.42 per barrel on the New York Mercantile Exchange after the appreciation of 1.8 percent in its prior four sessions. A stronger US dollar also exerted pressure on commodities as the ICE dollar index DXY gained to 78.827 on Monday as compared to 78.733 on Friday’s late trading hours.

Among other energy commodities, gasoline futures contract for May delivery fell 0.7 percent or $0.02 to settle at $3.18 per gallon while heating oil futures for the same month delivery remained unchanged at $3.18 per gallon.

Natural gas futures contract for June delivery jumped 3.7 percent or $0.08 to settle at $2.38 per million British thermal units.


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