|News||Crude continues gaining for the second day in a row on improved confidence|
|Analysis||Crude gained in the Asian session to stabilize above $82 per barrel, supported by global stock indices rising and the drop in the dollar's value, after confidence levels in financial markets ascended.|
Oil prices were supported in U.S session yesterday to record its highest level around 82.62 per barrel after stock indices rose; the Dow Jones Industrial Average inclined by 0.42% to close around 10895.86, it's highest since September 2008. In addition, most indices followed within the same path today, giving oil prices some kind of stability.
The euro versus the dollar continues rising after witnessing a major drop last week, supported by an optimistic wave in European markets after the EU reached an agreement to aid Greece solve its budget crisis; therefore reviving the appeal of commodities and high yielding currencies.
We can expect oil prices to stabilize throughout this period above $80 per barrel, supported by the optimistic wave dominating financial markets and close to witnessing a complete recovery from the worst economic recession the world has witnessed.
The S&P GSCI index closed late trading to record 524.58 after gaining 11.60 points; whereas the RJ/CRB commodity index also recorded a rise by 5.51 to close around 272.83.
IN NYMEX as of 02:44 EST; future heating contracts rose to record $212.420 per gallon by $0.540; motor gasoline is trading around $227.200 per gallon after ascending by $1.070; whereas natural gas dropped by $0.006 to record $3.910 per 1000 cubic feet. In London, Brent gained by $0.470 to record $81.640.
Crude opened today around $82.45 per barrel recording its highest around $82.70 and lowest around $82.05 per barrel, while it currently is trading around $82.65 per barrel.