Crude declined today amid profit-taking after the gain it witnessed throughout the past three days, recording the highest since January of $82.40, as the fear prevailed over weak demand in the US; therefore reducing demand on commodities.
Crude contracts have ascended since the beginning of this current year by 18% from $69 per barrel, supported by improvements witnessed across the global economy. Meanwhile, investors seem to need tangible proof to insure that oil demand levels have in fact improved, specifically at a time where focus is on the EIA report that still insures high stockpiles.
The S&P GSCI index closed yesterday at 527.74 rising by 1.40; whereas the RJ/CRB commodity index recorded a drop by 0.22 to close at 276.71.
In NYMEX as of 03:15 EST; heating oil futures dropped to record $209.590 per gallon by $0.960; motor gasoline is trading around $227.190 per gallon after gaining by $1.730; natural gasoline also inclined by $0.003 to record $4.560 per 1000 cubic feet. In London, Brent future contracts fell $0.490 to record $79.980.
Crude opened today at $81.70 per barrel recording its highest at $81.75 and lowest at $81.22 per barrel, while currently trading around $81.30 per barrel.