Crude Oil Recovers After Series of Bearish Sessions
Crude oil futures gained on Monday after touching its lowest in seven months in its earlier session. Weaker greenback and positive movements in Iran’s nuclear program made investors to take fresh positions in oil.
Crude oil futures contract for June delivery gained 1.2 percent or $1.09 to settle at $92.57 per barrel on the New York Mercantile Exchange. Weaker greenback and stronger equities came in support for the crude oil. Moreover, Group of Eight developed nations, including, China, European Union, France, Germany, Russia and the United States are to meet over the weekend to discuss about Iran’s nuclear program and awaiting international sanctions. Oil disruptions are anticipated which would result in more demand for crude oil. Analysts foresee that the oil demand would increase to 1.3 million barrels per day in the second half of the current year.
The US dollar also turned lower which helped the crude oil appreciate. The ICE dollar index which measures the greenback’s performance against the basket of six major rival currencies fell to 80.985 on Monday as compared to 81.163 on Friday’s North American trading session.
Among other energy commodities, gasoline futures contract for June delivery gained 1.8 percent or $0.05 to settle at $2.94 per gallon while heating oil futures contract for same month delivery advanced 1.1 percent or $0.03 to settle at $2.86 per gallon.
Natural gas futures for June delivery declined 4.9 percent or $0.13 to settle at $2.61 per million British thermal units. In the last week natural gas gained 9.3 percent which happens to be its best weekly gains since mid January.
Twitter •
Most Popular Content
- Pressure Mounts on the British Pound Following Autumn Budget
- Impact and Outlook for the U.S. Economy on Rate Cut
- Gold and Copper Markets Respond to Powell
- US Stock Market Faces Turbulence and Mixed Commodity Reactions
- Pound Holds Strong as Labour Wins with a Landslide
- Crude Oil Prices Rally as Inventory Declines and Rate Cut Hopes Emerge
- Strength in Gold and Copper Continues – But for How Long?
- Weak Payroll Data Sends Stocks Higher
Currency Articles - Nov 3, 2024 13:35 - 0 Comments
Pressure Mounts on the British Pound Following Autumn Budget
More In Currency Articles
Gold and Oil News - Aug 24, 2024 16:06 - 0 Comments
Gold and Copper Markets Respond to Powell
More In Gold and Oil News
- US Stock Market Faces Turbulence and Mixed Commodity Reactions
- Crude Oil Prices Rally as Inventory Declines and Rate Cut Hopes Emerge