NewsPreviousForecastAnalysisCrude continued gaining for the third consecutive day where it is trading above $85.00 per barrel this morning; meanwhile the dollar declined against a basket of major currencies, alongside the better than expected quarterly corporate earnings and reduced fears regarding Greek debt woes, therefore supporting investors' risk appetite.
Meanwhile, crude futures opened today around $85.54 as they are currently trading around $85.89, after recording its highest around $85.94 and lowest around $85.22 per barrel gaining higher by 0.83%. Meanwhile, crude managed to close yesterday around $85.60 gaining $2.31 per barrel.
The US dollar's drop was one of the major factors that contributed to higher prices; the dollar index fell for the third day breaching the support at 81.90 and targeting 81.30, currently around 81.79 after achieving its highest around 82.09 and lowest around 81.71 till now.
On the other hand, the improved risk appetite supported by solid quarterly earnings was reflected on stock markets that have powered investors demand on higher yielding assets.
In addition, the Dow Jones which was beaten by major manufacturing company shares in the US closed yesterday's session with gains by 122.00 or by 1.10% to close around 11167.00. Also, Asian stock markets managed to rise as well, spearheaded by the Japanese Nikkei that closed with gains by 133.00 or by 1.21% recording 11057.00.
The RJ/CRB commodity index yesterday managed to also follow its counterparts and ascend by 0.78 points to record 275.29. Meanwhile, Brent today recorded a rise by $0.48 or by 0.55%, recording $87.38 per barrel in today's early session.
As for the awaited data that may affect crude's trading could be represented in any announcement regarding the Greek debt crisis, which will constantly reflect on risk levels in markets. On the other hand, the preliminary reading for the first quarter of the US GDP, the largest energy consumer in the world, is expected to be released today and may affect today's trading alongside more corporate earnings.