|
Oil Drifts Below $75 As Dollar Gain Overshadows Chinese Data |
|
Tuesday, 13 July 2010 07:19 |
|
Oil prices slid Monday as a firm dollar offset data indicating robust Chinese demand for the commodity.
Caution prevailed in the market ahead of the start of the US quarterly earnings season.
August crude oil settled down $1.14 at $74.95 a barrel on the New York Mercantile Exchange.
Oil futures posted moderate gains early in the day after official data released on Saturday showed Chinese exports grew nearly 44% year-on-year in June, and the nation imported a record 22 million metric tons of crude oil in the month.
Oil prices rose 5.5% last week, helped by a bigger-than-expected weekly drop in US crude stockpiles and slightly eased worries about the economic outlook.
With no major economic data from the US, oil futures derived direction from the greenback. The dollar edged higher against its European counterpart for a second session, extending its recovery from an eight-week low. (Provided by RTTNews) |
|
|
Oil Rally Fizzles, Losing Streak Reaches Seven Days |
|
Wednesday, 07 July 2010 08:05 |
|
The price of crude oil reversed early gains to end a touch below $72 a barrel Tuesday, extending its losing streak to a seventh session.
August crude oil settled down $0.16 at $71.98 a barrel on the New York Mercantile Exchange, after trading as high as $73.86.
The prices have dropped around 9% over the past seven days.
Oil futures advanced along with equity markets early in the day, after the Reserve Bank of Australia gave a cautious but fairly upbeat assessment of the global economy in a statement that accompanied its rate decision.
However, the initial momentum fizzled and traders weighed results of a survey from the Institute for Supply Management that revealed a slower-than-expected pace of growth in the US service sector.
The ISM non-manufacturing index fell to 53.8 in June from the prior month's reading of 55.4, compared to consensus expectations for a drop to 55.0. However, a reading above 50 indicates growth in the sector.
The dollar extended its recent weakness to touch a seven-week low against the euro. (Provided by RTTNews) |
|
|
|
|
<< Start < Prev 1 2 3 4 5 6 Next > End >>
|
|
Page 1 of 6 |
Market News 
